Q. Demand varies ------------- with price.
✅ Correct Answer: (C)
inversely
Basics of Economics MCQs and Notes
Q. Relation between price of a commodity and demand for another commodity is measured by:
✅ Correct Answer: (C)
cross elasticity
Q. For complementary goods, the cross elasticity of demand:
✅ Correct Answer: (B)
negative
Q. When total utility is maximum, marginal utility is:
✅ Correct Answer: (C)
zero
Q. Other things remaining the same, the quantity of a product demanded increases with ------------ in price.
✅ Correct Answer: (B)
decrease
Q. labourers are employed the firm produces 136 units of output. Then the marginal product is ---
✅ Correct Answer: (C)
6
Q. The law of Diminishing returns is applicable to:
✅ Correct Answer: (D)
universally
Q. Which one of the following is not related to economies of scale:
✅ Correct Answer: (C)
difficulty faces by the managers to coordinate the business
Q. The solution to diminishing returns to scale is :
✅ Correct Answer: (D)
all of the above