Question # 1

Normal price is a price which prevails

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In day to day market

In domestic market

In the long run market

In a foreign market

In case of monopoly

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marginal revenue curve always slopes upward

total revenue curve always slopes upward

marginal revenue is always equal to average revenue

marginal revenue is always less than average revenue

Buyers and sellers under perfect competition are.

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The same in number

Large in number

Small in number

None of the above

How many kinds of market?

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4

5

6

7

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

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

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Natural monopoly

Social monopoly

Legal monopoly

Implied monopoly

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

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The market of perishable goods

The market of refrigerators

The market of stationary

None of the three

Common market of SAARC countries will be called:

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International market

National market

Regional market

None of the three

The market of refrigerators in general is called:

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Domestic market

Local market

International market

National market

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

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Short run price

Price instability

Price discrimination

Long run price

When marginal revenue is zero, total revenue is

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maximum

minimum

zero

decreasing

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

Which of the following markets comes closest to perfect market

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wheat market

cigarette market

cold drinks market

stock market

Which of the following is NOTa characteristic of perfect competition?

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free entry and exit of the firm

demand curve of a firm is horizontal

marginal revenue curve is horizontal

individual firm can influence the price

The market of cars is.

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International market

Regional market

Local market

Domestic market

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

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

A short period market is the market of.

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Perishable goods

Durable goods

Consumer goods

Capital goods

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

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

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Economics Ics Part 1 English Medium Chapter 12 Online Test MCQs With Answers

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