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Business Economics Basics
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Business Economics Basics
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25 Questions

1. In the short run as economists use the phrase is characterised by -------
2. In an oligopolistic market, there are ---------------
3. A market demand Schedule for a product indicates that -------
4. When we know the quality of a product that buyers wish to purchase at each possible price, we know
5. In economics the central problem is
6. Concentration of monopoly is implemented under ------------------
7. The supply of a product does not depend on -------
8. The essential aspects of oligopoly is -------------
9. Sales Maximisation is suitable for ------ market
10. The kinked demand curve in Sweezy oligopoly model emerges due to assumption that -------------
11. Cartel is a part of ------------------
12. Imperfect competition was introduced by -------------
13. Implicit costs are -------
14. Sales Maximisation concept is given by -----
15. Money paid to an unskilled labour is called ---------------
16. The upper portion of the kinked demand curve is relatively --------------
17. Which of the following are not related with factors of production(FOP)
18. car and petrol are ---- goods
19. If net national product is given at market prices, we ............. indirect taxes and ............... subsidies to get National Income of the economy.
20. Alfred Marshall has defined economics as
21. The supply of a product does not depend on -------
22. The subject matter of economics is
23. A relative change in quantity demanded is less than the relative change in money income is ------ income elasticity
24. Micro economic theory is also known as ------
25. A Maket demand can be derived by adding all the individual demand curves ------

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