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B Com Exam  >  B Com Tests  >  Business Economics & Finance  >  Test: Product Pricing - 1 - B Com MCQ

Test: Product Pricing - 1 - B Com MCQ


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10 Questions MCQ Test Business Economics & Finance - Test: Product Pricing - 1

Test: Product Pricing - 1 for B Com 2024 is part of Business Economics & Finance preparation. The Test: Product Pricing - 1 questions and answers have been prepared according to the B Com exam syllabus.The Test: Product Pricing - 1 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Product Pricing - 1 below.
Solutions of Test: Product Pricing - 1 questions in English are available as part of our Business Economics & Finance for B Com & Test: Product Pricing - 1 solutions in Hindi for Business Economics & Finance course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Product Pricing - 1 | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Business Economics & Finance for B Com Exam | Download free PDF with solutions
Test: Product Pricing - 1 - Question 1
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What does "perfect competition" refer to in a market?

Detailed Solution for Test: Product Pricing - 1 - Question 1
Perfect competition refers to a market situation where there are many buyers and sellers dealing in homogenous products. It is characterized by a large number of participants and uniform products.
Test: Product Pricing - 1 - Question 2
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In perfect competition, what determines the market price of products?

Detailed Solution for Test: Product Pricing - 1 - Question 2
In perfect competition, the market price of products is determined by the industry, taking into account the market demand and market supply forces. It's the equilibrium point where these curves intersect.
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Test: Product Pricing - 1 - Question 3
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What does the demand curve look like under perfect competition?

Detailed Solution for Test: Product Pricing - 1 - Question 3
The demand curve under perfect competition slopes downward. This means that as the price increases, the quantity demanded decreases, and vice versa.
Test: Product Pricing - 1 - Question 4
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Under monopoly, what type of control does the monopolist have over the supply of a commodity?
Detailed Solution for Test: Product Pricing - 1 - Question 4
Under monopoly, the monopolist has full control over the supply of a commodity. They can dictate the quantity supplied and set the price.
Test: Product Pricing - 1 - Question 5
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What is the difference between firm and industry under monopoly?
Detailed Solution for Test: Product Pricing - 1 - Question 5
Under monopoly, there is no difference between firm and industry. The monopolist is the sole producer for a product, making the firm and the industry one and the same.
Test: Product Pricing - 1 - Question 6
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In monopoly pricing, what does the monopolist aim to maximize?
Detailed Solution for Test: Product Pricing - 1 - Question 6
In monopoly pricing, the monopolist aims to maximize total revenue, not necessarily the price per unit. They want to maximize their overall profits.
Test: Product Pricing - 1 - Question 7
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Under what condition might a monopolist choose to produce more at lower costs?
Detailed Solution for Test: Product Pricing - 1 - Question 7
A monopolist might choose to produce more at lower costs when operating under diminishing costs. This allows them to maximize their profits by producing more units at lower costs.
Test: Product Pricing - 1 - Question 8
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What is the term for a situation where a monopolist charges different prices to different buyers for the same product?
Detailed Solution for Test: Product Pricing - 1 - Question 8
Price discrimination occurs when a monopolist charges different prices to different buyers for the same product.
Test: Product Pricing - 1 - Question 9
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Which degree of price discrimination involves dividing customers into separate classes and charging each class a different price?
Detailed Solution for Test: Product Pricing - 1 - Question 9
Third-degree price discrimination involves dividing customers into separate classes and charging each class a different price based on their willingness to pay.
Test: Product Pricing - 1 - Question 10
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In a discriminating monopoly, what must be equalized to achieve equilibrium?
Detailed Solution for Test: Product Pricing - 1 - Question 10
To achieve equilibrium in a discriminating monopoly, marginal revenue in different markets must be equalized. The monopolist adjusts prices and quantities to ensure this equality.
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