Question # 1

Common market of SAARC countries will be called:

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International market

National market

Regional market

None of the three

In the business world

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a firm working under perfect competition wants to become a monopoly

a firm working under monopoly wants to become a competitive firm

monopoly price is always higher than competitive price

competitive price is always higher than monopoly price

A firm under perfect competition is

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price maker

price breaker

price taker

price shaker

Which is NOTtrue

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perfect monopoly does not exist in real world

perfect competition does not exist in real world

every monopoly is evil

every firm wants to reduce competition

Extent of market mainly depends upon.

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Availability of means of transport and communication

Nature of supply

Government restriction

Perishable goods

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

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perfect competition

monopoly

both A and B

none of the above

How many kinds of market?

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4

5

6

7

A monopolist is always interested and obtains.

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Normal profit

Subnormal profit

Continues production even at loss

Super normal profit

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

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Revenue curve under perfect competition

Monopoly curve

Total revenue curve

None of these

The major difference between perfect competition and monopolistic competition is

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unity of frims

differentiated product

rate of profit

free exit and entry

Market is an area where :

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Products are sold

Buyers and sellers come in contact with each other

Price flactuates

Price remain constant

In case of perfect competition in the market

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marginal revenue curve always slopes upward

marginal revenue curve always slopes downward

marginal revenue is always equal to average revenue

marginal revenue is always less than to average revenue

Different kinds of imperfect competition are.

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Monopoly

Monopolistic competition

Oligopoly

All the three

How many types of markets according to time

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3

4

5

6

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

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few buyers and few sellers

many buyers and few sellers

many buyers and many sellers

all sellers and buyers are honest

Which is a condition for existence of monopoly

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big size

identical product

absence of government taxes

no close substitute

Stock exchange is market where we can buy:

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Shares

Foreign exchange

Factors of production

Consumer goods

Under perfect competition MR and AR curves

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are the same

are different

intersect each other

are parallel

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

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Natural monopoly

Social monopoly

Legal monopoly

Implied monopoly

The kind of market is undesirable

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general market

specialized market

local market

monopoly market

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