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CUET-UG Economics / Business Economics Test: Micro Economics
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Microeconomics is a branch of economics that analyzes market behavior of individuals and firms in order to understand their decision-making processes.

CUET-UG Economics / Business Economics Test: Micro Economics
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25 Questions

1. Which one of the following assumptions is NOT correct for the revealed preference analysis?
2. If price does not cover even the variable cost, the seller would
3. A demand curve regressive at the lower end depicts the case of
4. When both the price of a substitute and the price of a complement of commodity X rise, the demand for X
5. A commodity, the price of which has fallen but is expected to fall further, will present a demand curve
6. The prices of two goods X and Y are: Px = ' 5 and Py = ' 3, respectively. If a consumer spending his entire income on these two commodities is at a point on the budget constraint where MRSxy (marginal rate of substitution of X for Y) is 3 : 1, then
7. In which one of the following market situations, are the firms mutually interdependent in pricing-output decisions?
8. Slope of a demand curve is
9. 'Ceteris paribus' clause in the law of Demand does not mean
10. Elasticity of demand at the mid-point of demand curve SR in the above diagram will be
11. A queue of a large number of farmers before a single cold storage in the area is a case of
12. If the percentage increase in the quantity of a commodity demanded is smaller than the percentage fall in its price, elasticity of demand is
13. For most consumers apples and oranges are substitute goods. Therefore, we would expect a rise in the price of apples to lead to
14. Suppose that output (Y) is a function of capital (K); then the capital-elasticity of output is given by
15. Under a simple Cournet duopoly model, each duopolist will produce
16. Marginal rate of technical substitution in production is the ratio of
17. Economics may be divided into macro-economics and micro-economics. Among the subject matter of microeconomics may be found
18. A monopolist charges discriminating prices
19. A monopolist does not have a
20. When the law of demand operates the demand curve
21. The demand curve for a firm in perfect competition is
22. In a free-enterprise economy, the problems of what, how and for whom are solved by
23. The demand curve of a firm in perfect competition is
24. A supply curve will have a price elasticity equal to 1 only when it is
25. An isoquant curve will be a straight line if inputs are

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