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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
A monopolist is always interested and obtains.
Question # 2
Which one of the following is a day to day market.
Question # 3
A firm under perfect competition is
Question # 4
The market of refrigerators in general is called:
Question # 5
The major difference between perfect competition and monopolistic competition is
Question # 6
Which of the following is NOTa characteristic of perfect competition?
Question # 7
Which of the following markets comes closest to perfect market
Question # 8
When marginal revenue is zero, total revenue is
Question # 9
In the business world
Question # 10
Buyers and sellers under perfect competition are.
Question # 11
How many kinds of market?
Question # 12
The extent of market depends upon
Question # 13
A short period market is the market of.
Question # 14
Different prices are charged from different customers of the same product. This is called.
Question # 15
Product differentiation is a pre-condition of:
Question # 16
The concept of perfect competition was introduced by.
Question # 17
A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called
Question # 18
Which is NOTtrue
Question # 19
Stock exchange is market where we can buy:
Question # 20
In case of perfect competition in the market
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 hamza abid 11 - Aug - 2021 10 Min 50 Sec 20/20 -
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ICS Part 1 Economics Chapter 12 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | The kind of market is undesirable |
A. general market
B. specialized market
C. local market
D. monopoly market
|
| 3 | Product differentiation is a pre-condition of: |
A. Perfect competition
B. Imperfect compitition
C. Monopoly
D. Oligopoly
|
| 4 | In case of perfect competition in the market |
A. marginal revenue curve always slopes upward
B. marginal revenue curve always slopes downward
C. marginal revenue is always equal to average revenue
D. marginal revenue is always less than to average revenue
|
| 5 | 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
|
| 6 | 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
|
| 7 | 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
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| 8 | Extent of market mainly depends upon. |
A. Availability of means of transport and communication
B. Nature of supply
C. Government restriction
D. Perishable goods
|
| 9 | Which is a condition for existence of monopoly |
A. big size
B. identical product
C. absence of government taxes
D. no close substitute
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| 10 | A monopolist is always interested and obtains. |
A. Normal profit
B. Subnormal profit
C. Continues production even at loss
D. Super normal profit
|
Test Questions