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

Question # 1

The concept of perfect competition was introduced by.

Adam Smith A
Alfred Marshall B
Keynes C
Malthus D

Question # 2

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 # 3

Normal price is a price which prevails

In day to day market A
In domestic market B
In the long run market C
In a foreign market D

Question # 4

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 # 5

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 # 6

How many types of markets according to time

3 A
4 B
5 C
6 D

Question # 7

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 # 8

Which is a condition for existence of monopoly

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

Question # 9

Which of the following markets comes closest to perfect market

wheat market A
cigarette market B
cold drinks market C
stock market D

Question # 10

The market of refrigerators in general is called:

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

Question # 11

A short period market is the market of.

Perishable goods A
Durable goods B
Consumer goods C
Capital goods D

Question # 12

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 # 13

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 # 14

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 # 15

A firm under perfect competition is

price maker A
price breaker B
price taker C
price shaker D

Question # 16

The kind of market is undesirable

general market A
specialized market B
local market C
monopoly market D

Question # 17

Which of the following is NOTa characteristic of perfect competition?

free entry and exit of the firm A
demand curve of a firm is horizontal B
marginal revenue curve is horizontal C
individual firm can influence the price D

Question # 18

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 # 19

A group of buyers and sellers that exchange a goods or services at a price are called

Market A
Commodity B
Place C
None of these D

Question # 20

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

Sr.#	Question	Answer
1	The supply curve of day to day market is.	A. Touching the horizontal axis B. Touching the vertical axis C. Perfactly elastic D. Perfactly inelastic
2	The kind of market is undesirable	A. general market B. specialized market C. local market D. monopoly market
3	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
4	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
5	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
6	The concept of perfect competition was introduced by.	A. Adam Smith B. Alfred Marshall C. Keynes D. Malthus
7	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
8	A monopolist is always interested and obtains.	A. Normal profit B. Subnormal profit C. Continues production even at loss D. Super normal profit
9	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
10	A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called	A. Market B. Revenue curve C. Contact D. None of these

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Economics Ics Part 1 English Medium Chapter 12 Online Test

The concept of perfect competition was introduced by.

In the business world

Normal price is a price which prevails

Market is an area where :

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

How many types of markets according to time

Buyers and sellers under perfect competition are.

Which is a condition for existence of monopoly

Which of the following markets comes closest to perfect market

The market of refrigerators in general is called:

A short period market is the market of.

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

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

A firm under perfect competition is

The kind of market is undesirable

Which of the following is NOTa characteristic of perfect competition?

The supply curve of day to day market is.

A group of buyers and sellers that exchange a goods or services at a price are called

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

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