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

A monopoly market can be controlled by.

Fixing of the price by the government A
Administrative measures B
Introduction of substitutes C
Nationalisation D

Question # 3

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 # 4

Which of the following is one of the assumptions of perfect competition.

few buyers and few sellers A
many buyers and few sellers B
many buyers and many sellers C
all sellers and buyers are honest D

Question # 5

Under perfect competition MR and AR curves

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

Question # 6

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 # 7

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 # 8

When marginal revenue is zero, total revenue is

maximum A
minimum B
zero C
decreasing D

Question # 9

Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.

Natural monopoly A
Social monopoly B
Legal monopoly C
Implied monopoly D

Question # 10

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 # 11

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 # 12

The extent of market depends upon

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

Question # 13

A short period market is the market of.

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

Question # 14

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 # 15

How many kinds of market?

4 A
5 B
6 C
7 D

Question # 16

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 # 17

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 # 18

A monopolist is always interested and obtains.

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

Question # 19

Which is NOTtrue

perfect monopoly does not exist in real world A
perfect competition does not exist in real world B
every monopoly is evil C
every firm wants to reduce competition D

Question # 20

Product differentiation is a pre-condition of:

Perfect competition A
Imperfect compitition B
Monopoly C
Oligopoly D

Sr.#	Question	Answer
1	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
2	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
3	A monopolist is always interested and obtains.	A. Normal profit B. Subnormal profit C. Continues production even at loss D. Super normal profit
4	The concept of perfect competition was introduced by.	A. Adam Smith B. Alfred Marshall C. Keynes D. Malthus
5	A firm under perfect competition is	A. price maker B. price breaker C. price taker D. price shaker
6	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
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	Which of the following markets comes closest to perfect market	A. wheat market B. cigarette market C. cold drinks market D. stock market
9	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
10	How many kinds of market?	A. 4 B. 5 C. 6 D. 7

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