Q. When the price of a complementary product falls, the demand for the other product will ___
✅ Correct Answer: (B)
Increase
Fundamentals of Economics MCQs and Notes
Q. Penetration Pricing is adopted by following a ___________
✅ Correct Answer: (A)
low price
Q. Oligopoly means _________
✅ Correct Answer: (B)
few sellers
Q. In the long run, a firm in perfect competition earns _____________
✅ Correct Answer: (A)
normal profit only
Q. __________ is the centre of all marketing policies.
✅ Correct Answer: (B)
Product
Q. The supply curve always slopes ___________
✅ Correct Answer: (A)
Upwards
Q. The total ___________ curve will be a horizontal line.
✅ Correct Answer: (B)
Fixed cost
Q. The Law of Variable Proportions relates to _________ only.
✅ Correct Answer: (B)
short – run
Q. Factors of production may be of _______ types.
✅ Correct Answer: (A)
4
Q. _________ is the first Law of Consumption.
✅ Correct Answer: (A)
The Law of Diminishing Marginal Utility