EconomicsOnline Test

Market Structure and Pricing

Market Structure and Pricing

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Question 1
In which of the following is not a type of market structure Price will be very high?
A
Perfect competition
B
Monopoly
C
Duopoly
D
Oligopoly
Question 2
Equilibrium condition of a firm is......
A
MC = MR
B
MC > MR
C
MC < MR
D
MR = Price
Question 3
Which of the following is a feature of monopolistic competition?
A
One seller
B
Few sellers
C
Product differentiation
D
No entry
Question 4
A firm under monopoly can earn ............. in the short run.
A
Normal profit
B
Loss
C
Super normal profit
D
More loss
Question 5
There is no excess capacity under .....................
A
Monopoly
B
Monopolistic competition
C
Oligopoly
D
Perfect competition
Question 6
Profit of a firm is obtained when .................
A
TR < TC
B
TR – MC
C
TR > TC
D
TR = TC
Question 7
Another name of price is.................
A
Average Revenue
B
Marginal Revenue
C
Total Revenue
D
Average Cost
Question 8
In which type of market, AR and MR are equal .....
A
Duopoly
B
Perfect competition
C
Monopolistic competition
D
Oligopoly
Question 9
In monopoly, MR curve lies below .............
A
TR
B
MC
C
AR
D
AC
Question 10
Perfect competition assumes ............
A
Luxury goods
B
Producer goods
C
Differentiated goods
D
Homogeneous goods
Question 11
Group equilibrium is analysed in.......
A
Monopolistic competition
B
Monopoly
C
Duopoly
D
Pure competition
Question 12
In monopolistic competition, the essential feature is .....
A
Same product
B
selling cost
C
Single seller
D
Single buyer
Question 13
Monopolistic competition is a form of ........
A
Oligopoly
B
Duopoly
C
Imperfect competition
D
Monopoly
Question 14
Price leadership is the attribute of ............
A
Perfect competition
B
Monopoly
C
Oligopoly
D
Monopolistic competition
Question 15
Price discrimination will always lead to.............
A
Increase in output
B
Increase in profit
C
Different prices
D
b and c
Question 16
The average revenue curve under monopolistic competition will be......
A
Perfectly inelastic
B
Perfectly elastic
C
Relaively
D
Unitary elastic
Question 17
Under perfect competition, the shape of demand curve of a firm is...............
A
Vertical
B
Horizontal
C
Negatively sloped
D
Positively sloped
Question 18
In which market form, does absence of competition prevail?
A
Perfect competition
B
Monopoly
C
Duopoly
D
Oligopoly
Question 19
Which of the following involves maximum exploitation of consumers?
A
Perfect competition
B
Monopoly
C
Monopolistic competition
D
Oligopoly
Question 20
An example of selling cost is ...
A
Raw material cost
B
Transport cost
C
Advertisement cost
D
Purchasing cost
Question 21
Product and services are sold at world level are called _______ market
A
Local
B
Regional
C
National
D
International
Question 22
_____________ classifies market on the basis of time
A
Adam Smith
B
Alfred Marshall
C
Samuelson
D
E.H.Chamberlin
Question 23
Very Short period is also called _________ period
A
Long Period
B
Short Period
C
Market Period
D
None of these
Question 24
The supply curve is __________ in the long period
A
Perfectly inelastic
B
Inelastic
C
Elastic
D
Very much elastic
Question 25
Imperfect competition market which comprises ________________
A
Monopoly market
B
Monopolistic competition market
C
Duopoly Market
D
Oligopoly market
E
All of these
Question 26
Group of firm is known as ________
A
Firm
B
Industry
C
Market
D
None of these
Question 27
TR = TC is __________
A
Profit
B
Loss
C
Break even point
D
All of these
Question 28
MC = MR is __________
A
Price
B
Equilibrium
C
Demand
D
Revenue
Question 29
Under perfect competition there is __________ price prevails in the market
A
High Price
B
Low Price
C
Uniform Price
D
None of these
Question 30
Total revenue is Rs.500, Cost Rs.600. Therefore find profit or loss?
A
100 Profit
B
100 Loss
C
1100 Profit
D
600 Loss
Question 31
Long run average cost curve is __________ shaped curve
A
Downward sloping curve
B
Upward sloping curve
C
Straight line
D
Flatter ‘U’ shaped curve
Question 32
Imperfect competition was propounded in
A
1930
B
1932
C
1933
D
1940
Question 33
Imperfect competition was propounded in England by ________
A
Mrs. Joan Robinson
B
E.H.Chamberlin
C
Marshall
D
Adam Smith
Question 34
Imperfect competition was propounded in America by __________
A
Mrs. Joan Robinson
B
E.H.Chamberlin
C
Marshall
D
Both ‘a’ and ‘b’
Question 35
Example for natural monopoly _____________
A
Goldmines
B
Coalmines
C
Nickel
D
All of these
Question 36
___________ is an example for state monopoly.
A
Stamp paper
B
Nickel
C
Car
D
Railways
Question 37
Total Profit =
A
(Average Revenue + Average Cost) x Total Output
B
(Average Revenue - Average Cost) x Total Output
C
(Average Revenue x Average Cost) x Total Output
D
(Average Revenue + Average Cost) x Total Output
Question 38
There are ___________ types of price discrimination
A
One
B
Two
C
Three
D
Four
Question 39
Different prices are changed for different individuals in __________ price discrimination
A
Personal
B
Geographical
C
On the basis of use
D
All of these
Question 40
These are _____________ degrees of price discrimination
A
One degree
B
Two degrees
C
Three degrees
D
Four degrees
Question 41
First degree price discrimination named it as ___________
A
Perfect discriminating monopoly
B
Imperfect discriminating monopoly
C
Sub market
D
None of these
Question 42
___________ is also called as international price discrimination
A
Oligopoly
B
Dumping
C
Duopoly
D
Monopoly
Question 43
There are _____ kinds of wastages under monopolistic competition.
A
Five
B
Four
C
Three
D
Two
Question 44
___________ Market in which a single producer faces a singles consumer.
A
Bilateral Oligopoly
B
Bilatral Monopoly
C
Monopoly
D
Oligopoly
Question 45
____________ Market in which there are two sellers.
A
Monopoly
B
Duopoly
C
Oligopoly
D
Monopolistic competition
Question 46
Oligopoly is a form of ___________
A
Perfect competition
B
Monopoly
C
Monopolistic competition
D
Imperfect competition
Question 47
Price rigidity is the attribute of ___________
A
Perfect competition
B
Oligopoly
C
Duopoly
D
Monopoly
Question 48
A firm under perfect competition can earn ________ in the long run.
A
Normal Profit
B
Loss
C
Super Normal Profit
D
More Loss
Question 49
_________ is the example of monopoly market.
A
Electricity Board
B
LIC
C
Bank
D
Automobile Industry
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There are 49 questions to complete.

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