Question # 1

When marginal revenue is zero, total revenue is

Choose an answer

maximum

minimum

zero

decreasing

Which of the following is one of the assumptions of perfect competition.

Choose an answer

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

Choose an answer

3

4

5

6

How many types of markets according to location

Choose an answer

4

5

6

7

Which one of the following is a day to day market.

Choose an answer

The market of perishable goods

The market of refrigerators

The market of stationary

None of the three

The concept of perfect competition was introduced by.

Choose an answer

Adam Smith

Alfred Marshall

Keynes

Malthus

Buyers and sellers under perfect competition are.

Choose an answer

The same in number

Large in number

Small in number

None of the above

Which of the following markets comes closest to perfect market

Choose an answer

wheat market

cigarette market

cold drinks market

stock market

A monopolist is always interested and obtains.

Choose an answer

Normal profit

Subnormal profit

Continues production even at loss

Super normal profit

The supply curve of day to day market is.

Choose an answer

Touching the horizontal axis

Touching the vertical axis

Perfactly elastic

Perfactly inelastic

A group of buyers and sellers that exchange a goods or services at a price are called

Choose an answer

Market

Commodity

Place

None of these

The major difference between perfect competition and monopolistic competition is

Choose an answer

unity of frims

differentiated product

rate of profit

free exit and entry

Different kinds of imperfect competition are.

Choose an answer

Monopoly

Monopolistic competition

Oligopoly

All the three

In case of perfect competition in the market

Choose an answer

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

Choose an answer

Revenue curve under perfect competition

Monopoly curve

Total revenue curve

None of these

A firm under perfect competition is

Choose an answer

price maker

price breaker

price taker

price shaker

Different prices are charged from different customers of the same product. This is called.

Choose an answer

Short run price

Price instability

Price discrimination

Long run price

The market of refrigerators in general is called:

Choose an answer

Domestic market

Local market

International market

National market

Which of the following is NOTa characteristic of perfect competition?

Choose an answer

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

The extent of market depends upon

Choose an answer

Means of transport and communication

Political instability

Economics instability

Trade restriction

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer