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12th Chapter

ICS Part 1 Economics Chapter 12 MCQs Test

First Year Economics Chapter 12 Online MCQ Test for 1st Year Economics Chapter 12 (Market and Revenue Analysis)

This online test contains MCQs about following topics:

Kind of markets . Perfect and imperfect market . Perfect competition . Monopolu . Revenue curves

First Year Economics Chapter 12 Online MCQ Test for 1st Year Economics Chapter 12 (Market and Revenue Analysis)

Sr. # Questions Answers Choice
1 Which of the following is <i>NOT</i>a 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
2 Which of the following markets comes closest to perfect market
  • A. wheat market
  • B. cigarette market
  • C. cold drinks market
  • D. stock market
3 How many types of markets according to time
  • A. 3
  • B. 4
  • C. 5
  • D. 6
4 Different kinds of imperfect competition are.
  • A. Monopoly
  • B. Monopolistic competition
  • C. Oligopoly
  • D. All the three
5 A monopoly market can be controlled by.
  • A. Fixing of the price by the government
  • B. Administrative measures
  • C. Introduction of substitutes
  • D. Nationalisation
6 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
7 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
8 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
9 The kind of market is undesirable
  • A. general market
  • B. specialized market
  • C. local market
  • D. monopoly market
10 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

Top Scorers of Economics Ics Part 1 English Medium Chapter 12 Online Test

A

Aisha Kashif

Lahore16 - Aug - 2023

13/20
15 Mins 03 Sec

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