11th class Economics chapter 12 online mcq test with answers for ICS part 1 Economics chapter 12 (Market and Revenue Analysis)

Question # 1

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

Short run price A
Price instability B
Price discrimination C
Long run price D

Question # 2

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

Market A
Revenue curve B
Contact C
None of these D

Question # 3

In case of perfect competition in the market

marginal revenue curve always slopes upward A
marginal revenue curve always slopes downward B
marginal revenue is always equal to average revenue C
marginal revenue is always less than to average revenue D

Question # 4

The supply curve of day to day market is.

Touching the horizontal axis A
Touching the vertical axis B
Perfactly elastic C
Perfactly inelastic D

Question # 5

Buyers and sellers under perfect competition are.

The same in number A
Large in number B
Small in number C
None of the above D

Question # 6

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

perfect competition A
monopoly B
both A and B C
none of the above D

Question # 7

The market of cars is.

International market A
Regional market B
Local market C
Domestic market D

Question # 8

Under perfect competition MR and AR curves

are the same A
are different B
intersect each other C
are parallel D

Question # 9

Market is an area where :

Products are sold A
Buyers and sellers come in contact with each other B
Price flactuates C
Price remain constant D

Question # 10

Which one of the following is a day to day market.

The market of perishable goods A
The market of refrigerators B
The market of stationary C
None of the three D

Question # 11

Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called

Revenue curve under perfect competition A
Monopoly curve B
Total revenue curve C
None of these D

Question # 12

Which is a condition for existence of monopoly

big size A
identical product B
absence of government taxes C
no close substitute D

Question # 13

A monopolist is always interested and obtains.

Normal profit A
Subnormal profit B
Continues production even at loss C
Super normal profit D

Question # 14

Extent of market mainly depends upon.

Availability of means of transport and communication A
Nature of supply B
Government restriction C
Perishable goods D

Question # 15

The major difference between perfect competition and monopolistic competition is

unity of frims A
differentiated product B
rate of profit C
free exit and entry D

Question # 16

In case of monopoly

marginal revenue curve always slopes upward A
total revenue curve always slopes upward B
marginal revenue is always equal to average revenue C
marginal revenue is always less than average revenue D

Question # 17

When marginal revenue is zero, total revenue is

maximum A
minimum B
zero C
decreasing D

Question # 18

In the business world

a firm working under perfect competition wants to become a monopoly A
a firm working under monopoly wants to become a competitive firm B
monopoly price is always higher than competitive price C
competitive price is always higher than monopoly price D

Question # 19

The extent of market depends upon

Means of transport and communication A
Political instability B
Economics instability C
Trade restriction D

Question # 20

The concept of perfect competition was introduced by.

Adam Smith A
Alfred Marshall B
Keynes C
Malthus D

Sr.#	Question	Answer
1	Which is a condition for existence of monopoly	A. big size B. identical product C. absence of government taxes D. no close substitute
2	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
3	The market of refrigerators in general is called:	A. Domestic market B. Local market C. International market D. National market
4	Normal price is a price which prevails	A. In day to day market B. In domestic market C. In the long run market D. In a foreign market
5	Which of the following markets comes closest to perfect market	A. wheat market B. cigarette market C. cold drinks market D. stock market
6	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
7	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
8	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
9	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
10	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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Economics Ics Part 1 English Medium Chapter 12 Online Test

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

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

In case of perfect competition in the market

The supply curve of day to day market is.

Buyers and sellers under perfect competition are.

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

The market of cars is.

Under perfect competition MR and AR curves

Market is an area where :

Which one of the following is a day to day market.

Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called

Which is a condition for existence of monopoly

A monopolist is always interested and obtains.

Extent of market mainly depends upon.

The major difference between perfect competition and monopolistic competition is

In case of monopoly

When marginal revenue is zero, total revenue is

In the business world

The extent of market depends upon

The concept of perfect competition was introduced by.

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