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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
Which is a condition for existence of monopoly
Question # 2
A group of buyers and sellers that exchange a goods or services at a price are called
Question # 3
Under perfect competition MR and AR curves
Question # 4
A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called
Question # 5
In the business world
Question # 6
The market of refrigerators in general is called:
Question # 7
Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called
Question # 8
How many types of markets according to location
Question # 9
How many kinds of market?
Question # 10
Different prices are charged from different customers of the same product. This is called.
Question # 11
A monopolist is always interested and obtains.
Question # 12
A monopoly market can be controlled by.
Question # 13
Which of the following is NOTa characteristic of perfect competition?
Question # 14
When marginal revenue is zero, total revenue is
Question # 15
How many types of markets according to time
Question # 16
Buyers and sellers under perfect competition are.
Question # 17
Product differentiation is a pre-condition of:
Question # 18
The kind of market is undesirable
Question # 19
The market of cars is.
Question # 20
The supply curve of day to day market is.
ICS Part 1 Economics Chapter 12 MCQs Test
Top Scorers Of Chapter 12 "Economics Ics Part 1 English Medium Chapter 12 Online Test" MCQ`s Test
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H Humaira 26 - Jan - 2018 03 Min 06 Sec 20/20 -
H hamza abid 11 - Aug - 2021 10 Min 50 Sec 20/20 -
M Muhammad Bilal 13 - Jan - 2018 03 Min 17 Sec 19/20 -
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ICS Part 1 Economics Chapter 12 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | A firm under perfect competition is |
A. price maker
B. price breaker
C. price taker
D. price shaker
|
| 2 | Which is NOTtrue |
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 | Different prices are charged from different customers of the same product. This is called. |
A. Short run price
B. Price instability
C. Price discrimination
D. Long run price
|
| 4 | 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
|
| 5 | The extent of market depends upon |
A. Means of transport and communication
B. Political instability
C. Economics instability
D. Trade restriction
|
| 6 | A monopolist is always interested and obtains. |
A. Normal profit
B. Subnormal profit
C. Continues production even at loss
D. Super normal profit
|
| 7 | 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
|
| 8 | The market of refrigerators in general is called: |
A. Domestic market
B. Local market
C. International market
D. National market
|
| 9 | 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
|
| 10 | Under perfect competition MR and AR curves |
A. are the same
B. are different
C. intersect each other
D. are parallel
|
Test Questions