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Test: Non Competitive Markets - 1


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10 Questions MCQ Test Indian Economy for UPSC CSE | Test: Non Competitive Markets - 1

Test: Non Competitive Markets - 1 for Commerce 2022 is part of Indian Economy for UPSC CSE preparation. The Test: Non Competitive Markets - 1 questions and answers have been prepared according to the Commerce exam syllabus.The Test: Non Competitive Markets - 1 MCQs are made for Commerce 2022 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Non Competitive Markets - 1 below.
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Test: Non Competitive Markets - 1 - Question 1

This a MCQ (Multiple Choice Question) based practice test of Chapter 6 - Non-Competitive Markets of Economics of Class XII (12) for the quick revision/preparation of School Board examinations

Q  Which of the following is not the feature of an imperfect competition?

Detailed Solution for Test: Non Competitive Markets - 1 - Question 1

A homogeneous product is one that cannot be distinguished from competing products from different suppliers. In other words, the product has essentially the same physical characteristics and quality as similar products from other suppliers. One product can easily be substituted for the other.

Test: Non Competitive Markets - 1 - Question 2

A monopolist is a price

Detailed Solution for Test: Non Competitive Markets - 1 - Question 2

A monopoly firm is a price maker or price setter because it is the sole producer of a product.This is in contrast to a competitive firm which is a price taker with zero market power. Because in the monopoly, there is only one seller for the product, any one who wants to buy the product must buy it from the monopolist.

Test: Non Competitive Markets - 1 - Question 3

The firm and the industry are one and the same in:

Detailed Solution for Test: Non Competitive Markets - 1 - Question 3

A type of market structure, where the firm has absolute power to produce and sell a product or service having no close substitutes. In simple terms, monopolised market is one where there is a single seller, selling a product with no near substitutes to a large number of buyers. As the firm and industry are one and the same thing in the monopoly market, so it is a single-firm industry. There is zero or negative cross elasticity of demand for a monopoly product. Monopoly can be found in public utility services such as telephone, electricity and so on.

Test: Non Competitive Markets - 1 - Question 4

Which of the following is not a characteristic feature of imperfect competition?

Detailed Solution for Test: Non Competitive Markets - 1 - Question 4

Imperfect competition is a competitive market situation where there are many sellers, but they are selling heterogeneous (dissimilar) goods as opposed to the perfect competitive market scenario. As the name suggests, competitive markets that are imperfect in nature.

Test: Non Competitive Markets - 1 - Question 5

Market which has two firms is known as

Detailed Solution for Test: Non Competitive Markets - 1 - Question 5

Oligopoly is a market structure with a small number of firms, none of which can keep the others from having significant influence. The concentration ratio measures the market share of the largest firms. A monopoly is one firm, duopoly is two firms and oligopoly is two or more firms.

Test: Non Competitive Markets - 1 - Question 6

Under which of the following forms of market structure a firm has no control over the price of its product?

Detailed Solution for Test: Non Competitive Markets - 1 - Question 6

Pure or perfect competition is a theoretical market structure in which the following criteria are met: All firms sell an identical product (the product is a "commodity" or "homogeneous"). All firms are price takers (they cannot influence the market price of their product). Market share has no influence on prices.

Test: Non Competitive Markets - 1 - Question 7

Oligopoly having identical products is known as

Test: Non Competitive Markets - 1 - Question 8

Price discrimination can take place only in

Test: Non Competitive Markets - 1 - Question 9

Which market have characteristic of product differentiation

Detailed Solution for Test: Non Competitive Markets - 1 - Question 9

Monopolistic competition occurs when an industry has many firms offering products that are similar but not identical. Firms in monopolistic competition typically try to differentiate their product in order to achieve in order to capture above market returns.

Test: Non Competitive Markets - 1 - Question 10

Under monopoly form of market, TR is maximum when

Detailed Solution for Test: Non Competitive Markets - 1 - Question 10

Marginal revenue means additional revenue generate/received from the sale of additional unit of output.In imperfect (monopoly) when TR increases MR decreases , when TR become maximum MR reaches to zero.

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