A. Law of diminishing return
B. Law of supply
C. Law of demand
D. Law of supply and demand
Related Mcqs:
- A _____________ is a market situation where economies of scale are so significant that cost are only minimized when the entire output of an industry is supplied by a single producer so that the supply costs are lower under monopoly that under perfect competition ?
A. Perfect monopoly
B. Bilateral monopoly
C. Natural monopoly
D. Ordinary monopoly - Aside from many sellers and many buyers, which one is a characteristic of perfect competition ?
A. Homogeneous product
B. Free market entry and exit
C. Perfect information and absence of all economic friction
D. All of the above - What is the opposite of perfect competition ?
A. Monopsony
B. Oligopoly
C. Oligopsony
D. Monopoly - What is another term for “perfect competition” ?
A. Atomistic competition
B. No-limit competition
C. Free-for-all competition
D. Heterogeneous market - What refers to the market situation in which any given product is supplied by a very large number of vendors and there is no restriction against additional vendors from entering the market ?
A. Perfect competition
B. Oligopoly
C. Oligopsony
D. Monopoly - A manufacturing firm maintains one product assembly line to produce signal generators. Weekly demand for the generators is 35 units. The line operates for 7 hours per day, 5 days per week. What is the maximum production time per unit in hours required of the line to meet the demand ?
A. 1.0 hour per unit
B. 1.2 hours per unit
C. 1.4 hours per unit
D. 1.6 hours per unit - “When one of the factors of production is fixed in quantity or is difficult to increase, increasing the other factors of production will result in a less than proportionate increase in output”. This statement is known as the______________?
A. Law of diminishing return
B. Law of supply
C. Law of demand
D. Law of supply and demand - A VOM has a selling price of P 400. If its selling price is expected to decline at a rate of 10% per annum due to obsolescence, what will be its selling price after 5 years ?
A. P 222.67
B. P 212.90
C. P 236.20
D. P 231.56 - What is a stock of a product which is held by a trade body or government as a means of regulating the price of that product ?
A. Stock pile
B. Hoard stock
C. Buffer stock
D. Withheld stock - The monthly demand for ice cans being manufactured by Mr. Camus is 3200 pieces. With a manual operated guillotine, the unit cutting cost is P25.00. An electrically operated hydraulic guillotine was offered to Mr. Camus at a price of P275,000.00 and which cuts by 30% the unit cutting cost. Disregarding the cost of money, how many months will Mr. Camus be able to recover the cost of the machine if he decides to buy now ?
A. 10 months
B. 11 months
C. 12 months
D. 13 months
