Question # 1

A monopoly market can be controlled by.

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Fixing of the price by the government

Administrative measures

Introduction of substitutes

Nationalisation

A firm under perfect competition is

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price maker

price breaker

price taker

price shaker

Different kinds of imperfect competition are.

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Monopoly

Monopolistic competition

Oligopoly

All the three

Product differentiation is a pre-condition of:

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Perfect competition

Imperfect compitition

Monopoly

Oligopoly

How many types of markets according to time

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3

4

5

6

Extent of market mainly depends upon.

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Availability of means of transport and communication

Nature of supply

Government restriction

Perishable goods

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

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

The supply curve of day to day market is.

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Touching the horizontal axis

Touching the vertical axis

Perfactly elastic

Perfactly inelastic

Common market of SAARC countries will be called:

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International market

National market

Regional market

None of the three

Stock exchange is market where we can buy:

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Shares

Foreign exchange

Factors of production

Consumer 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

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

The kind of market is undesirable

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general market

specialized market

local market

monopoly market

When marginal revenue is zero, total revenue is

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maximum

minimum

zero

decreasing

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

A monopolist is always interested and obtains.

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Normal profit

Subnormal profit

Continues production even at loss

Super normal profit

A short period market is the market of.

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Perishable goods

Durable goods

Consumer goods

Capital goods

The market of cars is.

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International market

Regional market

Local market

Domestic market

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

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