Business Economics

101. In a perfect market both buyers and sellers are

1. price maker
2. price giver
3. price taker
4. all the above

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102. So long as Average Revenue is falling, Marginal Revenue will be ______________ Average Revenue

1. Less than
2. More than
3. Equal to
4. None of these

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103. Price discrimination is also called as

1. Discriminatory pricing
2. Differential pricing
3. Average cost pricing
4. a & b above

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104. ______________= R2-R1/Q2-Q1

1. Average revenue
2. Total revenue
3. Marginal revenue
4. Incremental revenue

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105. If the commodities are complimentary, cross elasticity will be

1. Negative
2. Positive
3. Zero
4. Any of the above

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106. In the oligopoly market there are

1. large no. of firms
2. a few firms
3. a single firm
4. an infinite no. of firms

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107. The law of diminishing returns applies more to

1. agriculture
2. industry
3. services
4. commerce

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108. ______________ provide guidelines to carry out ______________

1. Pricing strategies, pricing policies
2. Pricing policies, pricing strategies
3. Pricing rules, pricing policies
4. Pricing rules, pricing strategies

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109. In case of ______________ quantity demanded changes less than proportionate to changes in price

1. Perfectly elastic demand
2. Perfectly inelastic demand
3. Relative elastic demand
4. Relative inelastic demand

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110. ______________ method measures elasticity between two points

1. Proportional or Percentage Method
2. Outlay Method
3. Geometric method
4. Arc Method

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