Test: Price And Output Determination- 2


30 Questions MCQ Test Economics for CA CPT | Test: Price And Output Determination- 2


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Attempt Test: Price And Output Determination- 2 | 30 questions in 30 minutes | Mock test for CA Foundation preparation | Free important questions MCQ to study Economics for CA CPT for CA Foundation Exam | Download free PDF with solutions
QUESTION: 1

Which of the following falls under micro economics?

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QUESTION: 2

For a monopolist, the necessary condition for equilibrium is : 

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QUESTION: 3

 Who defines Economics in terms of Dynamic Growth and Development?

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QUESTION: 4

 Under ________ market condition, firms make normal profit in the long run:

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QUESTION: 5

A study of how increase in the corporate income tax rate will affect the natural unemployment rate is an example of:

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QUESTION: 6

Mixed economy means:

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QUESTION: 7

Economic Problem arises when:

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QUESTION: 8

Micro Economics is concerned with:

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QUESTION: 9

The Kinked demand curve model explains the market situation 

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QUESTION: 10

 The kinked demand cure is observed in :

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QUESTION: 11

Kinked demand curve hypothesis is given by: 

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QUESTION: 12

Kinked demand curve is related to which market structure

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QUESTION: 13

Normative aspect of Economics is given by: 

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QUESTION: 14

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

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QUESTION: 15

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

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QUESTION: 16

Demand curve is equal to MR curve in which market?

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QUESTION: 17

Under which of the following market structure AR of the firm will be equal to MR?

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QUESTION: 18

Price taker firms _________

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QUESTION: 19

 Price discrimination is possible only when. 

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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.

QUESTION: 20

 Which of these is the best example of oligopoly?

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QUESTION: 21

In the long run monopolist can 

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

  • With normal profits
  • With super-normal profits
QUESTION: 22

 OPEC is an example of : 

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QUESTION: 23

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

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QUESTION: 24

Oligopoly haring identical products is : 

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QUESTION: 25

 Price discrimination can take place only in _______.

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QUESTION: 26

The price discrimination under monopoly will be possible under which of the following conditions?

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QUESTION: 27

__________ type of curve is found in oligopoly.

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QUESTION: 28

Which market have characteristic of product differentiation?

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QUESTION: 29

 ____________________ is a ideal Market.

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QUESTION: 30

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

Solution:

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

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