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Economics Mcqs 4423 MCQs [All-Courses]

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Economics MCQs cover fundamental concepts of microeconomics and macroeconomics, including demand and supply, inflation, national income, and economic policies.
This section is designed to strengthen analytical skills and conceptual understanding for competitive examinations.
Highly useful for PPSC, FPSC, NTS, OTS, KPPSC, and other testing services preparation.

All Topics  4423

If a competitive firm is producing a level of output where marginal revenue exceeds marginal cost the firm could increase profit if it ?
A decreased production
B maintained production at the current level
C temporarily shut down.
D increased production
Correct Answer: increased production
For a competitive firm, marginal revenue is ?
A total revenue divided by the quantity sold
B equal to the quantity of the good sold
C average revenue divided by the quantity sold
D equal to the price of the good sold
Correct Answer: equal to the price of the good sold
Which of the following market would most closely satisfy the requirements for a competitive market ?
A electricity
B cable television
C cola
D milk
Correct Answer: milk
For a perfectly competitive firm ?
A Price equals marginal revenue
B price is greater than marginal revenue
C price equals total revenue
D price equals total cost
Correct Answer: Price equals marginal revenue
In the short run firms in perfect competition will still produce provided ?
A The price covers average variable cost
B The price covers variable cost
C The price covers average fixed cost
D The price covers fixed costs
Correct Answer: The price covers average variable cost
In the long run in perfect competition ?
A The price equals the total revenue
B Firms are allocatively inefficient
C Firms are productively efficient
D The price equals total cost
Correct Answer: Firms are productively efficient
A profit maximizing firm is perfect competition produces where ?
A Total revenue is maximized
B Marginal revenue equals zero
C Marginal revenue equals marginal cost
D Marginal revenue equals average cost
Correct Answer: Marginal revenue equals marginal cost
Firms in perfect competition face a?
A perfectly elastic demand curve
B perfectly inelastic demand curve
C perfectly elastic supply curve
D perfectly inelastic supply curve
Correct Answer: perfectly elastic demand curve
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