Question # 1

A group of buyers and sellers that exchange a goods or services at a price are called

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Market

Commodity

Place

None of these

Under perfect competition MR and AR curves

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are the same

are different

intersect each other

are parallel

How many types of markets according to time

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3

4

5

6

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

A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called

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Market

Revenue curve

Contact

None of these

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

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

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

Extent of market mainly depends upon.

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Availability of means of transport and communication

Nature of supply

Government restriction

Perishable goods

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

Product differentiation is a pre-condition of:

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Perfect competition

Imperfect compitition

Monopoly

Oligopoly

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

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

The kind of market is undesirable

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general market

specialized market

local market

monopoly market

Which is a condition for existence of monopoly

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big size

identical product

absence of government taxes

no close substitute

The market of cars is.

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International market

Regional market

Local market

Domestic market

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

Common market of SAARC countries will be called:

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International market

National market

Regional market

None of the three

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

A firm under perfect competition is

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price maker

price breaker

price taker

price shaker

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