Start learning →

Bihar Board Class 12 (Arts) Theory of Consumer Behaviour & Demand — practice questions — page 2

Explore 192 free Theory of Consumer Behaviour & Demand questions in Bihar Board Class 12 (Arts) Economics. Open each question or exercise to read its content, reference answers and available explanation.

Practise Theory of Consumer Behaviour & Demand with Quill →

Theory of Consumer Behaviour & Demand questions and exercises with answers

Showing questions 31–60 of 192.

The minimum profit needed to keep a firm in its existing business is called what?Read the answer and worked solution →Profit earned over and above normal profit is called what?Read the answer and worked solution →At the break-even point, a firm earns what?Read the answer and worked solution →Opportunity cost of an activity is the gain forgone from what?Read the answer and worked solution →Technological progress shifts a firm's supply curve in which direction?Read the answer and worked solution →A rise in the wage rate shifts a firm's supply curve in which direction?Read the answer and worked solution →A unit tax is a tax imposed per unit of what?Read the answer and worked solution →A unit tax of Rs 2 is imposed and a firm sells 10 units. What total tax does it pay?Read the answer and worked solution →What effect does a unit tax have on a firm's long run supply curve?Read the answer and worked solution →How is the market supply curve obtained from individual firms' supply curves?Read the answer and worked solution →At a price p, firm 1 supplies 30 units and firm 2 supplies 20 units. What is market supply?Read the answer and worked solution →If the number of firms in a market increases, what happens to market supply?Read the answer and worked solution →Price elasticity of supply measures the responsiveness of what to a change in price?Read the answer and worked solution →Elasticity of supply is % change in quantity supplied divided by what?Read the answer and worked solution →Price rises from Rs 10 to Rs 30 and quantity supplied rises from 200 to 1000. What is the elasticity of supply?Read the answer and worked solution →What is the elasticity of supply when the supply curve is vertical?Read the answer and worked solution →A straight-line supply curve passes through the origin. What is elasticity of supply at every point?Read the answer and worked solution →A straight-line supply curve cuts the price axis at a positive value. What is its elasticity?Read the answer and worked solution →What is a government-set limit on how high a price may be charged called?Read the answer and worked solution →Which price control sets the lowest price at which a good may be sold?Read the answer and worked solution →A price floor is effective only when it is set at which level?Read the answer and worked solution →A price floor set below the market price is described as what?Read the answer and worked solution →A binding price floor above equilibrium leads to what in the market?Read the answer and worked solution →Which of these is a common example of a price floor?Read the answer and worked solution →A minimum wage set above the equilibrium wage makes employers do what?Read the answer and worked solution →In the minimum wage example, what plays the role of the price?Read the answer and worked solution →In a labour market, who are the suppliers of labour?Read the answer and worked solution →Self-serve petrol pumps show how firms respond to costly labour by doing what?Read the answer and worked solution →How does the Minimum Support Price in India treat farmers?Read the answer and worked solution →Support prices helped India gain food security during which period?Read the answer and worked solution →

Worked practice questions

The minimum profit needed to keep a firm in its existing business is called what?

  1. Super-normal profit
  2. Gross profit margin
  3. Operating loss
  4. Normal profit
Show answer and solution

Correct answer: D. Normal profit

Normal profit is the least return that keeps the firm in business and is counted as part of total cost.

Open this question →

Profit earned over and above normal profit is called what?

  1. Super-normal profit
  2. Opportunity cost
  3. Marginal profit
  4. Fixed-rate profit
Show answer and solution

Correct answer: A. Super-normal profit

Anything above the normal profit is super-normal profit.

Open this question →

At the break-even point, a firm earns what?

  1. Only normal profit
  2. Maximum extra profit
  3. A loss equal to fixed cost
  4. Zero total revenue
Show answer and solution

Correct answer: A. Only normal profit

The break-even point is where the supply curve cuts the minimum average cost, giving just normal profit.

Open this question →

How to practise

  1. Choose a Theory of Consumer Behaviour & Demand question and try to work out your answer.
  2. Open the question to check the correct answer and read its worked solution.
  3. Continue in the app for bite-sized lessons, explanations and review with Quill. You can start without creating an account.

Put it into practice

Continue with Theory of Consumer Behaviour & Demand practice for Bihar Board Class 12 (Arts). Read explanations as you go. No signup form needed to start.

Practise Theory of Consumer Behaviour & Demand →

More Economics topics

Determination of Income and EmploymentNational Income AccountingOpen Economy MacroeconomicsGovernment Budget and the EconomyMoney and BankingMacroeconomics: Income, Budget & BankingCurrent Challenges Facing Indian EconomyIndian Economy & Economic Development