Economics Demand and Supply Mcqs Test 08 Preparation Online Demand and Supply Mcqs Test 08 Preparation Online 1. A vertical supply curve parallel to the price axis implies that the elasticity of supply is?A. Indinity B. Greater than zero but less than infinityC. Zero D. Equal to one Loading... 2. Which of the following cost curves is never Un-shaped?A. Average variable cost curve B. Average cost curve C. Average fixed cost curveD. Marginal cost curve Loading... 3. Production is a function of?A. ProfitsB. Inputs C. Costs D. Price Loading... 4. Which cost increases continuously with the increase in production?A. Fixed cost B. Marginal cost C. Variable costD. Average cost Loading... 5. In the short term, when the output of a firm increases, its average fixed cost?A. Remains constant B. Increase C. Decrease D. First declines and then rises Loading... 6. A significant property of the Cobb - Douglas production function is that the elasticity of substitution between inputs is?A. Equal to unity B. ZeroC. Less than unity D. More than unity Loading... 7. An ISO-product curve slopes?A. Upward to the left B. Downward to the left C. Downward to the right D. Upward to the right Loading... 8. Total costs in the short-term are classified into fixed costs and varibale costs. Which one of the following is a variable cost?A. Payment of rent on buildingsB. Interest payment on past borrowing C. Cost of raw materials D. Cost of equipment Loading... 9. The supply of a commodity refers to?A. Stock available for sale B. Actual production of the commodity C. Amount of the commodity offered for sale at a particular price per unit of timeD. Total existing stock of the commodity Loading... 10. The production techniques are technically efficient?A. Between the two ridge lines B. On the upper ridge lineC. Below the lower ridge line D. Above the upper ridge line Loading... Loading... Related PostsDemand and Supply Mcqs Test 04 Preparation OnlineDemand and Supply Mcqs Test 07 Preparation OnlineDemand and Supply Mcqs Test 06 Preparation OnlineDemand and Supply Mcqs Test 05 Preparation OnlineDemand and Supply Mcqs Test 03 Preparation OnlineDemand and Supply Mcqs Test 02 Preparation Online Continue Reading Previous Demand and Supply Mcqs Test 07 Preparation OnlineNext Equilibrium of firm Perfect Competition and Monopoly Test 01 Preparation Online Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Δ