Business Economics

171. When the quantity demanded of a commodity rises due to a fall in price, it is called

  1. Extension
  2. Upward shift
  3. Downward shift
  4. Contraction
Correct answer: (A)
Extension

172. Perfect elasticity is known as

  1. Finite elastic
  2. Infinite elastic
  3. Unitary elastic
  4. Zero elastic
Correct answer: (B)
Infinite elastic

173. EP = ______________ in case of relatively inelastic demand

  1. 0
  2. Infinite
  3. 1
  4. <1
Correct answer: (D)
<1

174. Tools and techniques for demand estimation includes;

  1. Consumer surveys.
  2. consumer clinics and focus groups
  3. Market Experiment
  4. All of the above
Correct answer: (D)
All of the above

175. In ______________ approach, Consumers reactions on the new products are found out indirectly with the help of specialized dealers

  1. Growth curve approach
  2. Evolutionary approach.
  3. Opinion polling approach
  4. Vicarious approach.
Correct answer: (D)
Vicarious approach.

17176. Under the Marginal cost pricing, the price is determined on the basis of;

  1. Fixed cost
  2. Variable cost
  3. Total cost
  4. Average cost
Correct answer: (B)
Variable cost

177. The concept of product differentiation was introduced by

  1. TR Malthus
  2. JM Keynes
  3. Mrs. Robinson
  4. Chamberlin
Correct answer: (D)
Chamberlin

178. The implication of the kinked demand curve is reflected in a discontinuity in the:

  1. Marginal revenue curve
  2. Marginal cost curve
  3. Total revenue curve
  4. Total cost curve
Correct answer: (A)
Marginal revenue curve

179. Pricing methods are:

  1. Standard cost method
  2. Learning curve method
  3. Marginal cost method
  4. All of these
Correct answer: (D)
All of these

180. Price discrimination occurs when variation in prices for a product in different markets does not reflect variation?

  1. Costs
  2. Price
  3. Demand
  4. All of these
Correct answer: (A)
Costs
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