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Economics Mcqs 4423 MCQs [All-Courses]

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Economics MCQs cover fundamental concepts of microeconomics and macroeconomics, including demand and supply, inflation, national income, and economic policies.
This section is designed to strengthen analytical skills and conceptual understanding for competitive examinations.
Highly useful for PPSC, FPSC, NTS, OTS, KPPSC, and other testing services preparation.

All Topics  4423

In a monopoly which of the following is not true ?
A Products are differentiated
B There is freedom of entry and exit into the industry in the long run
C The firm is a price taker
D There is one main sellers
Correct Answer: There is freedom of entry and exit into the industry in the long run
In monopoly in long run equilibrium ?
A The firm is Productively efficient
B The firm is allocatively inefficient
C The firm produces where marginal cost is less than marginal revenue
D The firm produces at the socially optimal level
Correct Answer: The firm is allocatively inefficient
The marginal revenue curve in monopoly ?
A Equals the demand curve
B Is parallel with the demand curve
C Lies below and converges with the demand curve
D Lies below and diverges from the demand curve
Correct Answer: Lies below and diverges from the demand curve
In price discrimination, which section of the market is charged the higher price ?
A The section with the richest people
B The section with the oldest people
C The section with the most inelastic demand
D The section with the most elastic demand
Correct Answer: The section with the most inelastic demand
In order to practice price discrimination which of the following is needed ?
A some degree of monopoly power
B an ability to separate the market
C an ability to prevent reselling
D all of the above
Correct Answer: all of the above
Which of the following is necessary for a natural monopoly ?
A economies of scale
B a high proportion of the total cost in the cost of capital goods
C the market is very small
D all of the above
Correct Answer: all of the above
This monopolist should produce ?
A 1
B 2
C 3
D 4
Correct Answer: 3
In order to maximize profits, a monopoly company will produce that quantity at which the ?
A marginal revenue equals average total cost
B Price equals marginal revenue
C marginal revenue equals marginal cost
D total revenue equals total cost
Correct Answer: marginal revenue equals marginal cost
Which of the following is a characteristic of pure monopoly ?
A One seller of the product
B low barriers to entry
C close substitute products
D perfect information
Correct Answer: One seller of the product
A monopoly is able to continue to generate economic profits in the long run because ?
A there is some barrier to entry to that market
B Potential competitors sometimes don’t notice the the profits.
C the monopolist is financially powerful.
D antitrust laws eliminate competitors for a specified number of years.
Correct Answer: there is some barrier to entry to that market
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