MCQ Economics Class 12 Chapter 5 Market Equilibrium Microeconomics Advertisement MCQ’s For All Chapters – Microeconomics Class 12th 1. In which kind of market, a firm is a price- taker?Perfect CompetitionMonopolyMonopolistic competitionOligopolyQuestion 1 of 152. Firm’s demand curve under monopoly shows:No relationship between price and demandInverse relationship between price and demandPositive relationship between price and demandNone of theseQuestion 2 of 153. Charging different prices from different buyers for the same good is called :Price extensionPrice contractionPrice discriminationPrice controlQuestion 3 of 154. What is the shape of the average revenue curve in perfect competition?Horizontal straight lineVertical straight lineRectangular hyperbolaDownward to the rightQuestion 4 of 155. Under perfect competition ‘Average Revenue’ and ‘Marginal Revenue’ are indicated by :A common horizontal straight lineA common vertical straight lineA common rectangular hyperbolaDifferent lines sloping downwardQuestion 5 of 156. In the context of monopolistic competition one of the following statements is correct?Firm has full control over priceHorizontal straight line in demand curve of the firmFreedom of entry and exitSelling costs do not existQuestion 6 of 157. Which characteristic of monopolistic competition is compatible with monopoly?One seller and large number of buyersFull control over priceDemand curve slopes downwardFreedom of entry and exit Question 7 of 158. Which market induces trusts and cartels?Perfect competitionMonopolyOligopolyNone of themQuestion 8 of 159. If the demand curve of a firm is a horizontal straight line :A firm can sell any amount at the existing priceA firm can sell only a specified amount at the existing priceAll firms will sell equal amount of a commodityFirms can differentiate their productQuestion 9 of 1510. Compared with monopolistic competition, a firm’s demand curve under monopoly is :Equally elasticLess elasticMore elasticInfinitely elasticQuestion 10 of 1511. A market situation in which there are only two producers is called :MonopolyDuopolyOligopolyNone of theseQuestion 11 of 1512. In monopolistic competition the products are:Homogeneous onlyHomogeneous supported with advertisementDifferentiated onlyDifferentiated supported with advertisementQuestion 12 of 1513. Under perfect competition, equilibrium price of the commodity is determined by:Demand for the commodity aloneSupply of commodity aloneBoth demand and supplyThe governmentQuestion 13 of 1514. Supply being perfectly inelastic, what will be the effect of increase or decrease in demand on price and equilibrium quantity?Price increases or decreases respectivelyNo effect on equilibrium quantityBoth (a) and (b)None of theseQuestion 14 of 1515. When will increase in supply bring down the price, leaving the quantity demanded unchanged?'When demand for the commodity is perfectly elasticWhen demand for the commodity is perfectly inelasticWhen demand for the commodity is less elasticWhen demand for the commodity is more elasticQuestion 15 of 15 Loading...
Leave a Reply