Business Economics

51. Decision making and ______________ are the two important functions of executive of business firms

1. Forward planning
2. Directing
3. Supervising
4. Administration

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52. ______________ shows the change in quantity demanded as a result of a change in consumers' income

1. Price elasticity
2. Cross elasticity
3. Income elasticity
4. None of these

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53. The firm charges price in tune with the industry’s price is called

1. competitive pricing
2. going rate pricing
3. tune pricing
4. target pricing

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54. Which one of the following is not a reason for adopting skimming price strategy

1. When the demand of new product is relatively inelastic.
2. When there is no close substitutes
3. Elasticity of demand is not known
4. Product has high price elasticity in the initial stage

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55. Information for pricing decisions involves:

1. Product information
2. Market information
3. Information at the micro level
4. All of these

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56. The marginal revenue equation can be derived from the:

1. Demand equation
2. Supply equation
3. Cost equation
4. Price equation

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57. Functional relationship between input and output known as

1. Conversion
2. Production function
3. Work in progress
4. Output function

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58. in economics ______________ means 'a state of rest 'or 'stability'

1. Depression
2. Equilibrium
3. Maturity
4. growth

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59. Selling cost is the feature of the market form

1. monopoly
2. monopolistic competition
3. oligopoly
4. none of these

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60. Which is the reason of skimming price?

1. Inelastic demand
2. Diversion of market
3. Safer price policy
4. All of these

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