Question # 1

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

A short period market is the market of.

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Perishable goods

Durable goods

Consumer goods

Capital goods

Which of the following is NOTa characteristic of perfect competition?

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free entry and exit of the firm

demand curve of a firm is horizontal

marginal revenue curve is horizontal

individual firm can influence the price

A monopolist is always interested and obtains.

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Normal profit

Subnormal profit

Continues production even at loss

Super normal profit

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

How many kinds of market?

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4

5

6

7

Different kinds of imperfect competition are.

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Monopoly

Monopolistic competition

Oligopoly

All the three

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

The market of cars is.

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International market

Regional market

Local market

Domestic market

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

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Natural monopoly

Social monopoly

Legal monopoly

Implied monopoly

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

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

Product differentiation is a pre-condition of:

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Perfect competition

Imperfect compitition

Monopoly

Oligopoly

Extent of market mainly depends upon.

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Availability of means of transport and communication

Nature of supply

Government restriction

Perishable goods

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

The extent of market depends upon

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Means of transport and communication

Political instability

Economics instability

Trade restriction

Stock exchange is market where we can buy:

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Shares

Foreign exchange

Factors of production

Consumer 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

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

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