Test: Price Determination In Different Markets - 2


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


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QUESTION: 1

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

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QUESTION: 2

One characteristic not typical of oligopolistic industry is

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QUESTION: 3

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

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QUESTION: 4

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

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QUESTION: 5

Which of the following statements is incorrect?

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QUESTION: 6

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

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QUESTION: 7

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

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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.

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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.

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QUESTION: 10

Agricultural goods markets depict characteristics close to

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QUESTION: 11

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

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QUESTION: 12

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

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QUESTION: 13

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

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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

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QUESTION: 15

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

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QUESTION: 16

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

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QUESTION: 17

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

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QUESTION: 18

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

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QUESTION: 19

In a very short period market :

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QUESTION: 20

Time element was conceived by

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QUESTION: 21

Total revenue =

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QUESTION: 22

Average revenue is the revenue earned

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QUESTION: 23

AR can be symbolically written as:

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QUESTION: 24

AR is also known as:

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QUESTION: 25

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

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QUESTION: 26

When e > 1 then MR is

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QUESTION: 27

When e = 1 then MR is

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QUESTION: 28

When e < 1 then MR is

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QUESTION: 29

The term market refers to a:

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QUESTION: 30

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

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QUESTION: 31

A Monopolist is the price

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QUESTION: 32

Price discrimination is one of the features of —-

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QUESTION: 33

Under monopoly, degree of control over price is :

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QUESTION: 34

Generally, market for perishable like butter, eggs, milk, vegetables etc., will have

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QUESTION: 35

Durable goods and industrial items exist in

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QUESTION: 36

Secular period is also known as

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QUESTION: 37

Stock exchange market is the example for

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QUESTION: 38

The market for the ultimate consumers is known as

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QUESTION: 39

The condition for pure competition is

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QUESTION: 40

Pure oligopoly is based on the———————— products

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