Quiznetik
Managerial Economics 1 | Set 4
1. Related to production function, MRTS stand for;
A. Marginal revenue and total sales
B. Minimum revenue from total sales
C. Marginal rate of total supply
D. Marginal rate of technical substitution
Correct : D. Marginal rate of technical substitution
2. Which of the following is not coming under imperfect competition?
A. Oligopoly
B. Duopoly
C. Monopoly
D. Monopolistic
Correct : C. Monopoly
3. in economics ……..means ‘a state of rest ‘or ‘stability’
A. Depression
B. Equilibrium
C. Maturity
D. growth
Correct : B. Equilibrium
4. In perfect completion, a firm is a
A. Price maker
B. Price taker
C. Both of the above
D. None of these
Correct : B. Price taker
5. Which of the following is not a feature of monopolistic completion?
A. Large number of producers
B. Free entry and exit
C. More elastic demand
D. Price competition
Correct : D. Price competition