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

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Sr.#	Question	Answer
1	A group of buyers and sellers that exchange a goods or services at a price are called	A. Market B. Commodity C. Place D. None of these
2	Stock exchange is market where we can buy:	A. Shares B. Foreign exchange C. Factors of production D. Consumer goods
3	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
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	The kind of market is undesirable	A. general market B. specialized market C. local market D. monopoly market
6	Extent of market mainly depends upon.	A. Availability of means of transport and communication B. Nature of supply C. Government restriction D. Perishable goods
7	Different kinds of imperfect competition are.	A. Monopoly B. Monopolistic competition C. Oligopoly D. All the three
8	How many types of markets according to location	A. 4 B. 5 C. 6 D. 7
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	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