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This online test contains MCQs about following topics:
Kind of markets . Perfect and imperfect market . Perfect competition . Monopolu . Revenue curves
MCQ's Test For Chapter 12 "Economics Ics Part 1 English Medium Chapter 12 Online Test"
Try The MCQ's Test For Chapter 12 "Economics Ics Part 1 English Medium Chapter 12 Online Test"
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Total Questions20
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Time Allowed30
Economics Ics Part 1 English Medium Chapter 12 Online Test
00:00
Question # 1
A group of buyers and sellers that exchange a goods or services at a price are called
Question # 2
Which is a condition for existence of monopoly
Question # 3
The market of cars is.
Question # 4
Which is NOTtrue
Question # 5
The kind of market is undesirable
Question # 6
In the business world
Question # 7
Different prices are charged from different customers of the same product. This is called.
Question # 8
The concept of perfect competition was introduced by.
Question # 9
Buyers and sellers under perfect competition are.
Question # 10
Marginal revenue is always less than price at all levels of output in
Question # 11
Product differentiation is a pre-condition of:
Question # 12
Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called
Question # 13
A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called
Question # 14
Under perfect competition MR and AR curves
Question # 15
The major difference between perfect competition and monopolistic competition is
Question # 16
Which of the following markets comes closest to perfect market
Question # 17
How many types of markets according to location
Question # 18
Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.
Question # 19
A monopolist is always interested and obtains.
Question # 20
Market is an area where :
ICS Part 1 Economics Chapter 12 MCQs Test
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ICS Part 1 Economics Chapter 12 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Marginal revenue is always less than price at all levels of output in |
A. perfect competition
B. monopoly
C. both A and B
D. none of the above
|
| 2 | A firm under perfect competition is |
A. price maker
B. price breaker
C. price taker
D. price shaker
|
| 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 | Product differentiation is a pre-condition of: |
A. Perfect competition
B. Imperfect compitition
C. Monopoly
D. Oligopoly
|
| 5 | Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called |
A. Revenue curve under perfect competition
B. Monopoly curve
C. Total revenue curve
D. None of these
|
| 6 | 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
|
| 7 | Which of the following markets comes closest to perfect market |
A. wheat market
B. cigarette market
C. cold drinks market
D. stock market
|
| 8 | Which of the following is NOTa 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
|
| 9 | Which is a condition for existence of monopoly |
A. big size
B. identical product
C. absence of government taxes
D. no close substitute
|
| 10 | Under perfect competition MR and AR curves |
A. are the same
B. are different
C. intersect each other
D. are parallel
|
Test Questions