Q. How many forms of production function have?
✅ Correct Answer: (B)
Two
Functional Areas of Business MCQs and Notes
Q. Relationship between which factors are shown by production function?
✅ Correct Answer: (C)
Production and factors of production
Q. How is the demand of most of goods of rich people?
✅ Correct Answer: (C)
Inelastic
Q. How is the elasticity of demand in long run compare to short run?
✅ Correct Answer: (A)
More
Q. What is the slope of demand curve when demand is perfectly inelastic?
✅ Correct Answer: (B)
Parallel to vertical axis
Q. Which of the following goods may have zero income elasticity?
✅ Correct Answer: (C)
Niddle
Q. What is the income elasticity of giffen goods?
✅ Correct Answer: (A)
Unit income elasticity
Q. What is the elasticity of demand for luxury goods?
✅ Correct Answer: (A)
Elastic
Q. What is elasticity of demand in case of perfect competition?
✅ Correct Answer: (C)
Perfectly elastic
Q. Which relationship of price and demand is explained by elasticity of demand?
✅ Correct Answer: (C)
Quantitative