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CA Foundation Exam  >  CA Foundation Tests  >  Business Economics for CA Foundation  >  Test: Price And Output Determination- 2 - CA Foundation MCQ

Test: Price And Output Determination- 2 - CA Foundation MCQ


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30 Questions MCQ Test Business Economics for CA Foundation - Test: Price And Output Determination- 2

Test: Price And Output Determination- 2 for CA Foundation 2024 is part of Business Economics for CA Foundation preparation. The Test: Price And Output Determination- 2 questions and answers have been prepared according to the CA Foundation exam syllabus.The Test: Price And Output Determination- 2 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- 2 below.
Solutions of Test: Price And Output Determination- 2 questions in English are available as part of our Business Economics for CA Foundation for CA Foundation & Test: Price And Output Determination- 2 solutions in Hindi for Business Economics for CA Foundation course. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free. Attempt Test: Price And Output Determination- 2 | 30 questions in 30 minutes | Mock test for CA Foundation preparation | Free important questions MCQ to study Business Economics for CA Foundation for CA Foundation Exam | Download free PDF with solutions
Test: Price And Output Determination- 2 - Question 1
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Which of the following falls under micro economics?

Test: Price And Output Determination- 2 - Question 2
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For a monopolist, the necessary condition for equilibrium is : 

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Test: Price And Output Determination- 2 - Question 3
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 Who defines Economics in terms of Dynamic Growth and Development?

Test: Price And Output Determination- 2 - Question 4
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 Under ________ market condition, firms make normal profit in the long run:
Test: Price And Output Determination- 2 - Question 5
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A study of how increase in the corporate income tax rate will affect the natural unemployment rate is an example of:
Test: Price And Output Determination- 2 - Question 6
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Mixed economy means:
Test: Price And Output Determination- 2 - Question 7
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Economic Problem arises when:
Test: Price And Output Determination- 2 - Question 8
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Micro Economics is concerned with:
Test: Price And Output Determination- 2 - Question 9
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The Kinked demand curve model explains the market situation 
Test: Price And Output Determination- 2 - Question 10
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 The kinked demand cure is observed in :
Test: Price And Output Determination- 2 - Question 11
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Kinked demand curve hypothesis is given by: 
Test: Price And Output Determination- 2 - Question 12
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Kinked demand curve is related to which market structure
Test: Price And Output Determination- 2 - Question 13
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Normative aspect of Economics is given by: 
Detailed Solution for Test: Price And Output Determination- 2 - Question 13

Alfred Marshall was a British economist who proposed the definition of welfare according to which economics should be a science of creation of welfare for both human as well as society believed that the subject studies the creation of materialistic things in the economy for personal gains which is not good for the welfare of the society. Therefore, he proposed a normative definition on economics.

Test: Price And Output Determination- 2 - Question 14
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Under which market structure, average revenue of a firm is equal to its marginal revenue :
Test: Price And Output Determination- 2 - Question 15
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If under perfect competition, the price line lies below the average cost curve, the firm would : 
Detailed Solution for Test: Price And Output Determination- 2 - Question 15
- In perfect competition, firms are price takers and cannot influence the market price.
- When the price is below the average cost, firms cannot cover their total costs.
- This situation leads to financial losses, as the revenue generated is less than what is needed to sustain operations.
- As a result, firms will either reduce production, exit the market, or seek ways to lower costs to eventually achieve normal profits.
- Thus, the correct answer is that the firm would incur losses.
Test: Price And Output Determination- 2 - Question 16
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Demand curve is equal to MR curve in which market?
Test: Price And Output Determination- 2 - Question 17
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Under which of the following market structure AR of the firm will be equal to MR?
Test: Price And Output Determination- 2 - Question 18
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Price taker firms _________
Test: Price And Output Determination- 2 - Question 19
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 Price discrimination is possible only when. 
Detailed Solution for Test: Price And Output Determination- 2 - Question 19

The correct option is Option A.

Price discrimination is when the same good is sold at different prices to different consumers.

Price discrimination occur only under imperfect markets such as Monopoly, Oligopoly, Monopolistic competition etc.

It cannot occur under Perfect competition market structure as there are a large number of buyers. So if a firm charges a higher price the consumer will go to the other sellers.

Test: Price And Output Determination- 2 - Question 20
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 Which of these is the best example of oligopoly?
Test: Price And Output Determination- 2 - Question 21
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In the long run monopolist can 
Detailed Solution for Test: Price And Output Determination- 2 - Question 21

As you can see above, there are two alternative cases for the determination of Equilibrium in Monopoly:

  • With normal profits
  • With super-normal profits
Test: Price And Output Determination- 2 - Question 22
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 OPEC is an example of : 
Test: Price And Output Determination- 2 - Question 23
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When elasticity of demand is Equal to one in monopoly, marginal Revenue will be _______.
Test: Price And Output Determination- 2 - Question 24
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Oligopoly haring identical products is : 
Detailed Solution for Test: Price And Output Determination- 2 - Question 24
  • Pure Oligopoly: This occurs when a few firms dominate the market and produce identical products. They have significant control over pricing and market share.
  • Imperfect Oligopoly: In this scenario, firms offer differentiated products, leading to less control over prices.
  • Price Leadership: A dominant firm sets prices, and others follow, which is common in oligopolistic markets.
  • Collusion: Firms may work together to set prices or output levels, reducing competition.
Test: Price And Output Determination- 2 - Question 25
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 Price discrimination can take place only in _______.
Test: Price And Output Determination- 2 - Question 26
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The price discrimination under monopoly will be possible under which of the following conditions?
Test: Price And Output Determination- 2 - Question 27
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__________ type of curve is found in oligopoly.
Test: Price And Output Determination- 2 - Question 28
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Which market have characteristic of product differentiation?
Test: Price And Output Determination- 2 - Question 29
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 ____________________ is a ideal Market.
Test: Price And Output Determination- 2 - Question 30
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 __________ is the price at which demand for a commodity is equal to its supply: 
Detailed Solution for Test: Price And Output Determination- 2 - Question 30

The price at which quantity demanded of a commodity is equal to its quantity supplied is called the equilibrium price.

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