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

ICS Part 1 Economics Chapter 12 Test

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ICS Part 1 Economics Chapter Wise Test

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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Economics Ics Part 1 English Medium Chapter 12 Online Test

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Question # 1

The concept of perfect competition was introduced by.

Question # 2

Stock exchange is market where we can buy:

Question # 3

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

Question # 4

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

Question # 5

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

Question # 6

A monopolist is always interested and obtains.

Question # 7

The major difference between perfect competition and monopolistic competition is

Question # 8

Normal price is a price which prevails

Question # 9

When marginal revenue is zero, total revenue is

Question # 10

In case of monopoly

Question # 11

The extent of market depends upon

Question # 12

A monopoly market can be controlled by.

Question # 13

Extent of market mainly depends upon.

Question # 14

The market of cars is.

Question # 15

Which of the following is NOTa characteristic of perfect competition?

Question # 16

Which is a condition for existence of monopoly

Question # 17

How many types of markets according to location

Question # 18

Market is an area where :

Question # 19

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

Question # 20

Different kinds of imperfect competition are.

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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 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
2 Product differentiation is a pre-condition of:
A. Perfect competition
B. Imperfect compitition
C. Monopoly
D. Oligopoly
3 The concept of perfect competition was introduced by.
A. Adam Smith
B. Alfred Marshall
C. Keynes
D. Malthus
4 Which of the following is one of the assumptions of perfect competition.
A. few buyers and few sellers
B. many buyers and few sellers
C. many buyers and many sellers
D. all sellers and buyers are honest
5 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
6 A monopoly market can be controlled by.
A. Fixing of the price by the government
B. Administrative measures
C. Introduction of substitutes
D. Nationalisation
7 How many kinds of market?
A. 4
B. 5
C. 6
D. 7
8 The market of refrigerators in general is called:
A. Domestic market
B. Local market
C. International market
D. National market
9 How many types of markets according to time
A. 3
B. 4
C. 5
D. 6
10 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

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