Question # 1

A monopoly firm is in equilibrium when

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MC intersects AC

MC intersect MR

AC intersects AR

TC intersects TR

If we plot the equation y = 20 +3x, its slope is

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20

3

20/3

Indeterminate

In case of perfectly elastic demand curve, the demand curve will be parallel to the :

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Horizontal axis

Vertical Axis

None of the above

Total profit = ?

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Per unit profit x output

Per unit profit x input

Per unit profit + output

per unit profit - input

The necessary condition for equilibrium of firm is

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AVC = AFC

AR = MR

MC = MR

TVC = TFC

An increases in demand would cause supply curve to

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shift to the left

shift to the right

change in slope of supply curve

no effect on supply

A schedule of the amount of a good that would be offered for sale at all possible prices, at any one instant of time or during any period of time are called

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Supply

Demand

Stock

None of these

When supply rises more than demand price of the product will.

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Rise

Fall

Remain unchanged

Non of the three

Scarcity means

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non availability of goods

high price of goods

less supply than demand

high profit of the firms

One of the following is not studied in Micro economics.

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Equilibrium to the firm

Distribution of rewards to factors of productions

Banking system

Market equilibrium

Standard of living of a country can be raised if it increases

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labour force

production

money supply

exports

Law of decreasing returns generates

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law of economic growth

law of increasing costs

law of variable costs

law of decreasing costs

Trade Unions in Pakistan are unable to get an increase in wage rates because of :

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Minimum wage law

Low labour efficiency

Capital intensive projects

Lack of Natural resources

A contour line which slopes downward from left to right and yield equal level of satisfaction to consumer with the given income is.

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Negatively slop curve

An indifference curve

Positively sloped Curve

None of the above

Which of the following shifts supply curve of cars to the right

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tax on new cars

increase in wages of workers

decrease in steel price

a successful promotion campaign by sellers

Constant are represented by symbol

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C

V

P

U

This is the assumption of law of demand

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price of the commodity should not change

Quantity demanded should not change

Price of substitutes should not change

Demand curve must be linear

Equilibrium of consumer is explained by

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negative utility

positive utility

marginal utility

profit

Economic problems arises because of.

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Unlimited wants.

Scarcity of resources.

Alternative use of resources.

All of the above

It is an example of public limited company

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WAPDA

President House

SHELL petroleum

none of the above

Production of wealth takes place by:

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A combination of output

A combination of input

Labour only

Capital only

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