11th class Economics chapter 12 online mcq test with answers for ICS part 1 Economics chapter 12 (Market and Revenue Analysis)

Question # 1

A short period market is the market of.

Perishable goods A
Durable goods B
Consumer goods C
Capital goods D

Question # 2

Market is an area where :

Products are sold A
Buyers and sellers come in contact with each other B
Price flactuates C
Price remain constant D

Question # 3

A monopolist is always interested and obtains.

Normal profit A
Subnormal profit B
Continues production even at loss C
Super normal profit D

Question # 4

Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.

Natural monopoly A
Social monopoly B
Legal monopoly C
Implied monopoly D

Question # 5

Marginal revenue is always less than price at all levels of output in

perfect competition A
monopoly B
both A and B C
none of the above D

Question # 6

Product differentiation is a pre-condition of:

Perfect competition A
Imperfect compitition B
Monopoly C
Oligopoly D

Question # 7

Different kinds of imperfect competition are.

Monopoly A
Monopolistic competition B
Oligopoly C
All the three D

Question # 8

The supply curve of day to day market is.

Touching the horizontal axis A
Touching the vertical axis B
Perfactly elastic C
Perfactly inelastic D

Question # 9

Common market of SAARC countries will be called:

International market A
National market B
Regional market C
None of the three D

Question # 10

How many kinds of market?

4 A
5 B
6 C
7 D

Question # 11

Normal price is a price which prevails

In day to day market A
In domestic market B
In the long run market C
In a foreign market D

Question # 12

How many types of markets according to location

4 A
5 B
6 C
7 D

Question # 13

The concept of perfect competition was introduced by.

Adam Smith A
Alfred Marshall B
Keynes C
Malthus D

Question # 14

Different prices are charged from different customers of the same product. This is called.

Short run price A
Price instability B
Price discrimination C
Long run price D

Question # 15

A group of buyers and sellers that exchange a goods or services at a price are called

Market A
Commodity B
Place C
None of these D

Question # 16

In case of perfect competition in the market

marginal revenue curve always slopes upward A
marginal revenue curve always slopes downward B
marginal revenue is always equal to average revenue C
marginal revenue is always less than to average revenue D

Question # 17

Which of the following is one of the assumptions of perfect competition.

few buyers and few sellers A
many buyers and few sellers B
many buyers and many sellers C
all sellers and buyers are honest D

Question # 18

A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called

Market A
Revenue curve B
Contact C
None of these D

Question # 19

In the business world

a firm working under perfect competition wants to become a monopoly A
a firm working under monopoly wants to become a competitive firm B
monopoly price is always higher than competitive price C
competitive price is always higher than monopoly price D

Question # 20

In case of monopoly

marginal revenue curve always slopes upward A
total revenue curve always slopes upward B
marginal revenue is always equal to average revenue C
marginal revenue is always less than average revenue D

Sr.#	Question	Answer
1	In case of perfect competition in the market	A. marginal revenue curve always slopes upward B. marginal revenue curve always slopes downward C. marginal revenue is always equal to average revenue D. marginal revenue is always less than to average revenue
2	Market is an area where :	A. Products are sold B. Buyers and sellers come in contact with each other C. Price flactuates D. Price remain constant
3	In case of monopoly	A. marginal revenue curve always slopes upward B. total revenue curve always slopes upward C. marginal revenue is always equal to average revenue D. marginal revenue is always less than average revenue
4	A monopolist is always interested and obtains.	A. Normal profit B. Subnormal profit C. Continues production even at loss D. Super normal profit
5	Normal price is a price which prevails	A. In day to day market B. In domestic market C. In the long run market D. In a foreign market
6	The kind of market is undesirable	A. general market B. specialized market C. local market D. monopoly market
7	The market of cars is.	A. International market B. Regional market C. Local market D. Domestic market
8	How many types of markets according to time	A. 3 B. 4 C. 5 D. 6
9	A short period market is the market of.	A. Perishable goods B. Durable goods C. Consumer goods D. Capital goods
10	Different kinds of imperfect competition are.	A. Monopoly B. Monopolistic competition C. Oligopoly D. All the three

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