12th Chapter

ICS Part 1 Economics Chapter 12 MCQs Test

First Year Economics Chapter 12 Online MCQ Test for 1st Year Economics Chapter 12 (Market and Revenue Analysis)

This online test contains MCQs about following topics:

Kind of markets . Perfect and imperfect market . Perfect competition . Monopolu . Revenue curves

First Year Economics Chapter 12 Online MCQ Test for 1st Year Economics Chapter 12 (Market and Revenue Analysis)

Sr. # Questions Answers Choice
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
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

Top Scorers of Economics Ics Part 1 English Medium Chapter 12 Online Test



Lahore18 - Dec - 2021

04 Mins 15 Sec

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