Economics 2

Economics 2

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9 Qs

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Assessment

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Social Studies

Professional Development

Practice Problem

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Ja P

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9 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

They are the curves that represents various combinations of two inputs that produce the same amount of output.

Isoquant

Long run curve

Short run curve

Marginal cost curve

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The ratio of the percentage change in quantity demanded to the percentage change in price; measures the responsiveness of quantity demanded to changes in price.

Elasticity of demand

Price elasticity

Income elasticity

Cross elasticity

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Large No of firms with homogeneous products is a feature of

Oligopoly

Perfect competition

Monopoly

Monopolistic

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A single producer, without close substitute is a feature of

Monopoly

Monopolistic

Oligopoly

Perfect competition

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Many firms with real or perceived product differentiation is a feature of

Monopoly

Monopolistic

Oligopoly

Perfect competition

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Few firms with little or no product differentiation is a feature of

Monopoly

Monopolistic

Oligopoly

Perfect competition

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Manufacturing: tea, toothpastes, soaps, TV sets, shoes, refrigerators etc is the nature of product prevalent in which industry

Monopoly

Monopolistic

Oligopoly

Perfect competition

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