Question # 1

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

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

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

The concept of perfect competition was introduced by.

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Adam Smith

Alfred Marshall

Keynes

Malthus

How many types of markets according to location

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4

5

6

7

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

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 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 refrigerators in general is called:

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Domestic market

Local market

International market

National market

Different kinds of imperfect competition are.

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Monopoly

Monopolistic competition

Oligopoly

All the three

A firm under perfect competition is

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price maker

price breaker

price taker

price shaker

Which of the following markets comes closest to perfect market

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wheat market

cigarette market

cold drinks market

stock market

A monopolist is always interested and obtains.

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Normal profit

Subnormal profit

Continues production even at loss

Super normal profit

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

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

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Natural monopoly

Social monopoly

Legal monopoly

Implied monopoly

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

A monopoly market can be controlled by.

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Fixing of the price by the government

Administrative measures

Introduction of substitutes

Nationalisation

Product differentiation is a pre-condition of:

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Perfect competition

Imperfect compitition

Monopoly

Oligopoly

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

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

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

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