Business Economics

31. ______________ means the total receipts from sales divided by the number of unit sold.

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

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32. Ep=0in the case of ______________ elasticity

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

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33. Law of demand shows the functional relationship between ______________ and quantity demanded

1. Supply
2. Cost
3. Price
4. Requirements

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34. When the change in demand is exactly equal to the change in price, it is called

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

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35. Tea and coffee are

1. Complimentary goods
2. Substitute goods
3. Supplementary goods
4. Reserve goods

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36. Survey method of demand forecasting includes

1. Opinion survey
2. Expert opinion
3. Delphi method
4. All the above

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37. In ______________ pricing fixed cost are excluded.

1. skimming pricing
2. going rate pricing
3. administered pricing
4. marginal cost pricing

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38. The market with a single producer''

1. perfect competition
2. monopolistic competition
3. oligopoly
4. monopoly

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39. The short run production function is called;

1. Returns to scale
2. law of variable proportion
3. Production possibility frontier
4. None of these

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40. Which are the characteristics of monopoly?

1. Single seller or producer
2. No close substitutes
3. Inelastic demand curve
4. All of these

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