MCQ Questions Class 11 Production and Costs With Answers

CBSE Class 11 Production and Costs Multiple Choice Questions with Answers. MCQ Questions Class 11 Production and Costs with Answers Is Prepared Based on Latest Exam Pattern. Students can solve NCERT MCQ questions Class 11 Production and Costs with Answers to know their preparation level.

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MCQ Questions Class 11 Production and Costs with Answers - Set - 5

Question 1:

Determinating factor of supply of goods is:
(a) Price of Goods
(b) Price of Related Goods
(c) Price of Factor of Production
(d) All the above

Check Answer

Correct Answer – (D)

Question 2:

The reason of decrease in supply is:
(a) Increase in Production Cost
(b) Increase in Price of Substitutes
(c) Fall in number of Firms in the Industry
(d) All the above

Check Answer

Correct Answer – (D)

Question 3:

On which assumption, the law of supply depends ?
(a) There should be no change in income levels of buyers and sellers in the market.
(b) Prices of factors of production remain stable
(c) Technological level remains constant
(d) All the above

Check Answer

Correct Answer – (D)

Question 4:

Which is a method of producer’s equilibrium ?
(a) TR and TC Method
(b) MR and MC Method
(c) Both (a) and (b)
(d) None of the above

Check Answer

Correct Answer – (C)

Question 5:

In final equilibrium of firm:
(a) MC cuts MR from above
(b) MC cuts MR from below
(c) Both (a) and (b) are
(d) None of the above is true

Check Answer

Correct Answer – (B)

MCQ Questions Class 11 Production and Costs With Answers

Question 6:

The quantity of a goods which the seller is ready to sell in the market at fixed price and time is called ?
(a) Supply
(b) Demand
(c) Elasticity of supply
(d) Elasticity of Demand

Check Answer

Correct Answer – (A)

Question 7:

If other things being same, what does the positive relationship between price and supply quantity signify ?
(a) Law of Demand
(b) Elasticity of Supply
(c) Law of Supply
(d) Supply Function

Check Answer

Correct Answer – (C)

Question 8:

For a firm’s equilibrium:
(a) MR = MC
(b) MR > MC
(c) MR < MC
(d) MR = MC = 0

Check Answer

Correct Answer – (A)

Question 9:

For every market, which condition has to be fulfilled for firm’s equilibrium ?
(a) AR = MC
(b) MR = MC
(c) MC should cut MR from below
(d) Both (b) and (c)

Check Answer