Question # 1

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

The extent of market depends upon

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Means of transport and communication

Political instability

Economics instability

Trade restriction

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

A short period market is the market of.

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Perishable goods

Durable goods

Consumer goods

Capital goods

A monopoly market can be controlled by.

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Fixing of the price by the government

Administrative measures

Introduction of substitutes

Nationalisation

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

Under perfect competition MR and AR curves

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are the same

are different

intersect each other

are parallel

When marginal revenue is zero, total revenue is

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maximum

minimum

zero

decreasing

The concept of perfect competition was introduced by.

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Adam Smith

Alfred Marshall

Keynes

Malthus

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

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

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Natural monopoly

Social monopoly

Legal monopoly

Implied monopoly

Different kinds of imperfect competition are.

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Monopoly

Monopolistic competition

Oligopoly

All the three

A monopolist is always interested and obtains.

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Normal profit

Subnormal profit

Continues production even at loss

Super normal profit

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

A firm under perfect competition is

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price maker

price breaker

price taker

price shaker

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

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 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

How many types of markets according to time

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3

4

5

6

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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