Under monopoly, price in equilibrium is typically: MCQ with Answer and Explanation

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Under monopoly, price in equilibrium is typically:

A. less than marginal cost

B. greater than marginal cost

C. equal to marginal cost

D. zero

Answer: Option B

Solution (By JKSSB Mock Tests)

A monopolist charges a price greater than marginal cost and earns supernormal profit.

This question belongs to: Economy GK Economy Set 1

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The 'Goods and Services Tax' Council has how many members?

A. 33

B. 50

C. 20

D. 100

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Correct Answer: Option A

Explanation:
GST Council has 33 members, including the Chairperson.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Code on Social Security' was passed in which year?

A. 2021

B. 2019

C. 2020

D. 2022

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Correct Answer: Option C

Explanation:
The Code on Social Security was passed in 2020.

This question belongs to: Economy GK Economy Set 1

Question #3

Interest payment on government debt is classified as:

A. non-tax revenue

B. plan expenditure

C. revenue expenditure

D. capital expenditure

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Correct Answer: Option C

Explanation:
Interest payment on debt is a recurring revenue expenditure.

This question belongs to: Economy GK Economy Set 1

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