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

Question # 1

In case of monopoly

marginal revenue curve always slopes upward A
total revenue curve always slopes upward B
marginal revenue is always equal to average revenue C
marginal revenue is always less than average revenue D

Question # 2

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

Question # 3

Common market of SAARC countries will be called:

International market A
National market B
Regional market C
None of the three D

Question # 4

A monopolist is always interested and obtains.

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

Question # 5

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 # 6

Extent of market mainly depends upon.

Availability of means of transport and communication A
Nature of supply B
Government restriction C
Perishable goods D

Question # 7

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 # 8

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 # 9

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 # 10

Stock exchange is market where we can buy:

Shares A
Foreign exchange B
Factors of production C
Consumer goods D

Question # 11

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

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

Question # 12

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 # 13

How many types of markets according to location

4 A
5 B
6 C
7 D

Question # 14

The extent of market depends upon

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

Question # 15

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 # 16

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 # 17

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 # 18

Different kinds of imperfect competition are.

Monopoly A
Monopolistic competition B
Oligopoly C
All the three D

Question # 19

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 # 20

The market of cars is.

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

Sr.#	Question	Answer
1	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
2	Stock exchange is market where we can buy:	A. Shares B. Foreign exchange C. Factors of production D. Consumer goods
3	Extent of market mainly depends upon.	A. Availability of means of transport and communication B. Nature of supply C. Government restriction D. Perishable goods
4	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
5	A monopolist is always interested and obtains.	A. Normal profit B. Subnormal profit C. Continues production even at loss D. Super normal profit
6	How many types of markets according to location	A. 4 B. 5 C. 6 D. 7
7	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
8	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
9	Product differentiation is a pre-condition of:	A. Perfect competition B. Imperfect compitition C. Monopoly D. Oligopoly
10	In the business world	A. a firm working under perfect competition wants to become a monopoly B. a firm working under monopoly wants to become a competitive firm C. monopoly price is always higher than competitive price D. competitive price is always higher than monopoly price

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In case of monopoly

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

Common market of SAARC countries will be called:

A monopolist is always interested and obtains.

Perfect competition is a situation of market, where there are very large number of firms selling the same commodity are called

Extent of market mainly depends upon.

A monopoly market can be controlled by.

In case of perfect competition in the market

Which one of the following is a day to day market.

Stock exchange is market where we can buy:

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

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 location

The extent of market depends upon

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

Which is NOTtrue

Market is an area where :

Different kinds of imperfect competition are.

Which of the following is NOTa characteristic of perfect competition?

The market of cars is.

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