12th Chapter

ICS Part 1 Economics Chapter 12 MCQs Test

First Year Economics Chapter 12 Online MCQ Test for 1st Year Economics Chapter 12 (Market and Revenue Analysis)

This online test contains MCQs about following topics:

Kind of markets . Perfect and imperfect market . Perfect competition . Monopolu . Revenue curves

First Year Economics Chapter 12 Online MCQ Test for 1st Year Economics Chapter 12 (Market and Revenue Analysis)

Sr. # Questions Answers Choice
1 How many types of markets according to location
  • A. 4
  • B. 5
  • C. 6
  • D. 7
2 A short period market is the market of.
  • A. Perishable goods
  • B. Durable goods
  • C. Consumer goods
  • D. Capital goods
3 Normal price is a price which prevails
  • A. In day to day market
  • B. In domestic market
  • C. In the long run market
  • D. In a foreign market
4 Which one of the following is a day to day market.
  • A. The market of perishable goods
  • B. The market of refrigerators
  • C. The market of stationary
  • D. None of the three
5 Under perfect competition MR and AR curves
  • A. are the same
  • B. are different
  • C. intersect each other
  • D. are parallel
6 The concept of perfect competition was introduced by.
  • A. Adam Smith
  • B. Alfred Marshall
  • C. Keynes
  • D. Malthus
7 The major difference between perfect competition and monopolistic competition is
  • A. unity of frims
  • B. differentiated product
  • C. rate of profit
  • D. free exit and entry
8 Extent of market mainly depends upon.
  • A. Availability of means of transport and communication
  • B. Nature of supply
  • C. Government restriction
  • D. Perishable goods
9 Buyers and sellers under perfect competition are.
  • A. The same in number
  • B. Large in number
  • C. Small in number
  • D. None of the above
10 Product differentiation is a pre-condition of:
  • A. Perfect competition
  • B. Imperfect compitition
  • C. Monopoly
  • D. Oligopoly

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