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Test: Price Determination In Different Markets - 2 - CA Foundation MCQ


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30 Questions MCQ Test Business Economics for CA Foundation - Test: Price Determination In Different Markets - 2

Test: Price Determination In Different Markets - 2 for CA Foundation 2024 is part of Business Economics for CA Foundation preparation. The Test: Price Determination In Different Markets - 2 questions and answers have been prepared according to the CA Foundation exam syllabus.The Test: Price Determination In Different Markets - 2 MCQs are made for CA Foundation 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Price Determination In Different Markets - 2 below.
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Test: Price Determination In Different Markets - 2 - Question 1

A purely competitive firm’s supply schedule in the short run is determined by

Test: Price Determination In Different Markets - 2 - Question 2

One characteristic not typical of oligopolistic industry is

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Test: Price Determination In Different Markets - 2 - Question 3

The structure of the toothpaste industry in India is best described as

Test: Price Determination In Different Markets - 2 - Question 4

The structure of the cold drink industry in India is best described as

Test: Price Determination In Different Markets - 2 - Question 5

Which of the following statements is incorrect?

Test: Price Determination In Different Markets - 2 - Question 6

In perfect competition in the long run there will be no ________________ .

Test: Price Determination In Different Markets - 2 - Question 7

When ________________________________ , we know that the firms are earning just normal profits.

Test: Price Determination In Different Markets - 2 - Question 8

When ________________________________ , we know that the firms must be producing at the minimum point of the average cost curve and so there will be productive efficiency.

Test: Price Determination In Different Markets - 2 - Question 9

When ______________________________ , there will be allocative efficiency meaning thereby that the cost of the last unit is exactly equal to the price consumers are willing to pay for it and so that the right goods are being sold to the right people at the right price.

Test: Price Determination In Different Markets - 2 - Question 10

Agricultural goods markets depict characteristics close to

Test: Price Determination In Different Markets - 2 - Question 11

Which of the following is not a characteristic of a competitive market?

Test: Price Determination In Different Markets - 2 - Question 12

Which of the following markets would most closely satisfy the requirements for a perfectly competitive market?

Test: Price Determination In Different Markets - 2 - Question 13

The competitive firm maximizes profit when it produces output up to the point where

Test: Price Determination In Different Markets - 2 - Question 14

The market for hand tools (such as hammers and screwdrivers) is dominated by Draper, Stanley, and Craftsman. This market is best described as

Test: Price Determination In Different Markets - 2 - Question 15

A market structure in which many firms sell products that are similar but not identical is known as

Test: Price Determination In Different Markets - 2 - Question 16

When an oligopolist individually chooses its level of production to maximize its profits, it charges a price that is

Test: Price Determination In Different Markets - 2 - Question 17

In the long-run equilibrium of a competitive market, firms operate at

Test: Price Determination In Different Markets - 2 - Question 18

Which of the following is not a characteristic of a monopolistically competitive market?

Test: Price Determination In Different Markets - 2 - Question 19

In a very short period market :

Test: Price Determination In Different Markets - 2 - Question 20

Time element was conceived by

Test: Price Determination In Different Markets - 2 - Question 21

Total revenue =

Test: Price Determination In Different Markets - 2 - Question 22

Average revenue is the revenue earned

Detailed Solution for Test: Price Determination In Different Markets - 2 - Question 22

Average revenue is the revenue earned per unit of output sold. It is calculated by dividing the total revenue by the quantity of units sold. Mathematically, it can be expressed as:

Where:

  • Total Revenue (TR) is the total amount of money earned from the sale of goods or services.
  • Quantity (Q) is the total number of units sold.
Test: Price Determination In Different Markets - 2 - Question 23

AR can be symbolically written as:

Test: Price Determination In Different Markets - 2 - Question 24

AR is also known as:

Test: Price Determination In Different Markets - 2 - Question 25

Marginal revenue can be defined as the change in total revenue resulting from the:

Test: Price Determination In Different Markets - 2 - Question 26

When e > 1 then MR is

Test: Price Determination In Different Markets - 2 - Question 27

When e = 1 then MR is

Test: Price Determination In Different Markets - 2 - Question 28

When e < 1 then MR is

Test: Price Determination In Different Markets - 2 - Question 29

The term market refers to a:

Test: Price Determination In Different Markets - 2 - Question 30

In perfect competition firm is the———————-

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