| 1 |
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
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| 2 |
Which is <i>NOT</i>true |
- A. perfect monopoly does not exist in real world
- B. perfect competition does not exist in real world
- C. every monopoly is evil
- D. every firm wants to reduce competition
|
| 3 |
In the business world |
- A. a firm working under perfect competition wants to become a monopoly
- B. a firm working under monopoly wants to become a competitive firm
- C. monopoly price is always higher than competitive price
- D. competitive price is always higher than monopoly price
|
| 4 |
Buyers and sellers under perfect competition are. |
- A. The same in number
- B. Large in number
- C. Small in number
- D. None of the above
|
| 5 |
A monopoly market can be controlled by. |
- A. Fixing of the price by the government
- B. Administrative measures
- C. Introduction of substitutes
- D. Nationalisation
|
| 6 |
A group of buyers and sellers that exchange a goods or services at a price are called |
- A. Market
- B. Commodity
- C. Place
- D. None of these
|
| 7 |
Which one of the following is a day to day market. |
- A. The market of perishable goods
- B. The market of refrigerators
- C. The market of stationary
- D. None of the three
|
| 8 |
Product differentiation is a pre-condition of: |
- A. Perfect competition
- B. Imperfect compitition
- C. Monopoly
- D. Oligopoly
|
| 9 |
The major difference between perfect competition and monopolistic competition is |
- A. unity of frims
- B. differentiated product
- C. rate of profit
- D. free exit and entry
|
| 10 |
Which of the following is <i>NOT</i>a characteristic of perfect competition? |
- A. free entry and exit of the firm
- B. demand curve of a firm is horizontal
- C. marginal revenue curve is horizontal
- D. individual firm can influence the price
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