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Test: Price And Output Determination- 4 - CA Foundation MCQ


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30 Questions MCQ Test Business Economics for CA Foundation - Test: Price And Output Determination- 4

Test: Price And Output Determination- 4 for CA Foundation 2024 is part of Business Economics for CA Foundation preparation. The Test: Price And Output Determination- 4 questions and answers have been prepared according to the CA Foundation exam syllabus.The Test: Price And Output Determination- 4 MCQs are made for CA Foundation 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Price And Output Determination- 4 below.
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Test: Price And Output Determination- 4 - Question 1

OPEC is an example of : 

Detailed Solution for Test: Price And Output Determination- 4 - Question 1

OPEC is an example of oligopoly. This is because it consists of a group of oil-producing countries that collaborate to control production and prices in the oil market, but there are also other producers outside of OPEC that can influence the market

Test: Price And Output Determination- 4 - Question 2

 __________ type of curve is found in oligopoly.

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Test: Price And Output Determination- 4 - Question 3

 Which one of the following statement is Incorrect?

Test: Price And Output Determination- 4 - Question 4

A competitive firm in the short run incure losses. The firm continue production, if:

Test: Price And Output Determination- 4 - Question 5

 If under perfect competition, the price line lies below the average cost curve, the firm would : 

Test: Price And Output Determination- 4 - Question 6

In oligopoly, the kink on the demand curve is more due to _________

Test: Price And Output Determination- 4 - Question 7

The demand curve of the firm and industry will be same in which form of market: 

Test: Price And Output Determination- 4 - Question 8

What are the conditions for the long run equilibrium of the competitive firm?

Test: Price And Output Determination- 4 - Question 9

Demand curve is equal to MR curve in which market?

Test: Price And Output Determination- 4 - Question 10

 Competitive firms in the long run earn: 

Test: Price And Output Determination- 4 - Question 11

 Price taker firms _________

Test: Price And Output Determination- 4 - Question 12

__________ is the price at which demand for a commodity is equal to its supply: 

Test: Price And Output Determination- 4 - Question 13

Under which market structure, average revenue of a firm is equal to its marginal revenue :

Test: Price And Output Determination- 4 - Question 14

Under which Market Situation demand curve is linear and parallel to X-axis:

Test: Price And Output Determination- 4 - Question 15

 Oligopoly having identical products is known as _______.

Test: Price And Output Determination- 4 - Question 16

 In the ‘kinked-demand’ curve model, the upper portion of the demand curve is:

Test: Price And Output Determination- 4 - Question 17

Abnormal profits exist in the long run only under _______.

Test: Price And Output Determination- 4 - Question 18

Which of these is the best example of oligopoly?

Test: Price And Output Determination- 4 - Question 19

 In perfect Competition when the firm is a price taker, which curve among the following will be a straight line?

Test: Price And Output Determination- 4 - Question 20

 Demand curve is equal to MR curve in which market?

Test: Price And Output Determination- 4 - Question 21

For price discrimination to be successful, the elasticity of demand for the commodity in the two markets should be:

Test: Price And Output Determination- 4 - Question 22

In a competitive market, if price exceeds Average Variable Cost (AVC) but remains less than Average Cost (AC) at the equilibrium, the firm is:

Test: Price And Output Determination- 4 - Question 23

 In the long run a monopolist always earns

Test: Price And Output Determination- 4 - Question 24

 In the long run monopolist can 

Test: Price And Output Determination- 4 - Question 25

OPEC is an example of : 

Test: Price And Output Determination- 4 - Question 26

A perfect market is characterized by:-

Test: Price And Output Determination- 4 - Question 27

Which market have characteristic of product differentiation?

Test: Price And Output Determination- 4 - Question 28

When elasticity of demand is Equal to one in monopoly, marginal Revenue will be _______.

Test: Price And Output Determination- 4 - Question 29

Under which market Condition firms make only normal profits in the long run?

Test: Price And Output Determination- 4 - Question 30

Price discrimination is possible only when. 

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