GDP counts the value of which type of goods to avoid double counting A Intermediate goods B Final goods only
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Chapter 6: National Income and Related Aggregates (Set-2)
When a foreign company produces goods inside India, its output is counted in India’s A GNP only B NNP only
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GDP mainly measures the value of goods and services produced within a country during A A period B One day
Continue readingChapter 5: Forms of Market and Price Determination (Set-5)
A perfectly competitive firm is in long-run equilibrium only when it earns normal profit, which implies A P > min
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If a perfectly competitive industry faces a rise in market demand, the immediate result is usually A Supply falls first
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If a single firm’s output is tiny compared to total market supply, it mainly has A Full price control B
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When buyers see all firms’ products as identical, that market is closest to A Monopoly market B Oligopoly market C
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In perfect competition, firms are best described as A Price makers B Output setters C Price takers D Demand controllers
Continue readingChapter 4: Costs and Revenue (Set-5)
A firm’s fixed cost is ₹1,200. If it produces 100 units, its average fixed cost will be A ₹1,200 per
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A firm’s TC is ₹4,800 at 60 units and ₹5,280 at 72 units. The marginal cost per unit over this
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