11th class Economics chapter 12 online mcq test with answers for ICS part 1 Economics chapter 12 (Market and Revenue Analysis)

Economics Ics Part 1 English Medium Chapter 12 Online Test

Sr. #	Questions	Answers Choice
1	How many types of markets according to location	4 5 6 7
2	How many types of markets according to time	3 4 5 6
3	A group of buyers and sellers that exchange a goods or services at a price are called	Market Commodity Place None of these
4	A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called	Market Revenue curve Contact None of these
5	Under perfect competition MR and AR curves	are the same are different intersect each other are parallel
6	When marginal revenue is zero, total revenue is	maximum minimum zero decreasing
7	Which of the following is NOTa characteristic of perfect competition?	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
8	Marginal revenue is always less than price at all levels of output in	perfect competition monopoly both A and B none of the above
9	The major difference between perfect competition and monopolistic competition is	unity of frims differentiated product rate of profit free exit and entry
10	Which is NOTtrue	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
11	In the business world	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
12	In case of perfect competition in the market	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
13	In case of monopoly	marginal revenue curve always slopes upward total revenue curve always slopes upward marginal revenue is always equal to average revenue marginal revenue is always less than average revenue
14	Which is a condition for existence of monopoly	big size identical product absence of government taxes no close substitute
15	The kind of market is undesirable	general market specialized market local market monopoly market
16	Which of the following markets comes closest to perfect market	wheat market cigarette market cold drinks market stock market
17	A firm under perfect competition is	price maker price breaker price taker price shaker
18	Which of the following is one of the assumptions of perfect competition.	few buyers and few sellers many buyers and few sellers many buyers and many sellers all sellers and buyers are honest
19	How many kinds of market?	4 5 6 7

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