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Economics Past Questions and Answers

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Economics Questions

Question 1051:

A market is in disequilibrium if?

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A The quantity purchased is greater than quantity sold
B The quantity sold differs from the quantity purchased
C At a lower price, a large quantity is sold
D The quantity demand differs from the quantity supplied

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Question 1052:

The cross-elasticity of demand between complementary goods is?

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A Unitary
B Positive
C Zero
D Negative

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Question 1053:

Resources are efficiently allocated when production takes place at that output where price equals?

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A Marginal revenue
B Average variable cost
C Marginal cost
D Toal cost

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Question 1054:

Comparison of the price and output decisions of a perfectly competitive firm with those of a monopolist shows that the?

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A Monopolist charges a lower price than the perfect competitior
B Perfect competitior charges a lower price and produces a large output than the monopolist
C Perfect competitior produces a smaller output than the monopolist
D Monopolist charges a lower price and produces a larger output than the perfect competitor

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Question 1055:

In a perfectly competitive market, the firm is in long-run equilibrium at the output where?

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A Marginal cost is minimum
B Average cost is minimum
C Total cost is minimum
D Marginal cost revenue is maximum

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