thefunalways.com – MCQs, Mock Tests | MBA MBA Business Economics MCQ Set 4

1 The product under monopolistic competition are

A differentiated with close substitute B perfect substitute C differentiated without close substitute D homogeneous

✅ Correct Answer: 1

2 Production may be defined as an act of:

A Creating utility B Earning profit C Destroying utility D Providing services

✅ Correct Answer: 1

3 When all the productive services are increased in a given proportion, the product is increased in the same proportion. This situation is called:

A Law of increasing B Situation of constant returns C Fixed cost D Variable cost

✅ Correct Answer: 2

4 Which are not the features of oligopoly?

A Few sellers B Advertising and sales promotion C One firm D Conflicting attitudes of firms

✅ Correct Answer: 3

5 Whenever marginal cost is more than ______________ average total cost is falling:

A Average total revenue B Average total cost C Average profit D All of these

✅ Correct Answer: 2

6 _____ is situation with increased investment and increased price

A Recession B Progress C Boom D Recovery

✅ Correct Answer: 3

7 The "law of variable proportion" is first explained by

A Edward west B Marshall C Veblen D Keynes

✅ Correct Answer: 1

8 A graph indicating different combination of inputs with different level of output is called

A Iso-cost map B BEP map C Input-output map D Iso-quant map

✅ Correct Answer: 4

9 Which of the following is a short run law?

A Law of constant return to scale B Law of increasing return to scale C Law of diminishing return D None of these

✅ Correct Answer: 3

10 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 Answer: 4

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