Question # 1

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

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

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

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

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

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

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Natural monopoly

Social monopoly

Legal monopoly

Implied monopoly

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

Which is NOTtrue

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perfect monopoly does not exist in real world

perfect competition does not exist in real world

every monopoly is evil

every firm wants to reduce competition

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

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

How many types of markets according to time

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3

4

5

6

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

The extent of market depends upon

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Means of transport and communication

Political instability

Economics instability

Trade restriction

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

How many types of markets according to location

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4

5

6

7

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

How many kinds of market?

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4

5

6

7

When marginal revenue is zero, total revenue is

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maximum

minimum

zero

decreasing

The kind of market is undesirable

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general market

specialized market

local market

monopoly market

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