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Test: Price Determination In Different Markets - 1 - CA Foundation MCQ


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30 Questions MCQ Test - Test: Price Determination In Different Markets - 1

Test: Price Determination In Different Markets - 1 for CA Foundation 2024 is part of CA Foundation preparation. The Test: Price Determination In Different Markets - 1 questions and answers have been prepared according to the CA Foundation exam syllabus.The Test: Price Determination In Different Markets - 1 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 - 1 below.
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Test: Price Determination In Different Markets - 1 - Question 1

In the table below what will be equilibrium market price?

Detailed Solution for Test: Price Determination In Different Markets - 1 - Question 1

At the equilibrium level, market demand is equal to market supply. In the above schedule at the price level of Rs. 4, market demand = market supply = 700

Test: Price Determination In Different Markets - 1 - Question 2

Assume that when price is Rs. 20, quantity demanded is 9 units, and when price is Rs. 19, quantity demanded is 10 units. Based on this information, what is the marginal revenue resulting from an increase in output from 9 units to 10 units.

Detailed Solution for Test: Price Determination In Different Markets - 1 - Question 2

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Test: Price Determination In Different Markets - 1 - Question 3

Assume that when price is Rs.20, quantity demanded is 15 units, and when price is Rs.18, quantity demanded is 16 units. Based on this information, what is the marginal revenue resulting from an increase in output from 15 units to 16 units?

Test: Price Determination In Different Markets - 1 - Question 4

Suppose a firm is producing a level of output such that MR > MC. What should be firm do to maximize its profits?

Test: Price Determination In Different Markets - 1 - Question 5

Marginal Revenue is equal to :

Test: Price Determination In Different Markets - 1 - Question 6

Suppose that a sole proprietorship is earning total revenues of Rs. 1,00,000 and is incurring explicit costs of Rs. 75,000. If the owner could work for another company for Rs. 30,000 a year, we would conclude that :

Test: Price Determination In Different Markets - 1 - Question 7

Which of the following is not an essential condition of pure competition?

Test: Price Determination In Different Markets - 1 - Question 8

What is the shape of the demand curve faced by a firm under perfect competition?

Test: Price Determination In Different Markets - 1 - Question 9

Which is the first order condition for the profit of a firm to be maximum?

Test: Price Determination In Different Markets - 1 - Question 10

Which of the following is not a characteristic of a “price taker”?

Test: Price Determination In Different Markets - 1 - Question 11

Which of the following statements is false?

Test: Price Determination In Different Markets - 1 - Question 12

With a given supply curve, a decrease in demand causes

Test: Price Determination In Different Markets - 1 - Question 13

It is assumed in economic theory that

Test: Price Determination In Different Markets - 1 - Question 14

Assume that consumers’ incomes and the number of sellers in the market for good A both decrease. Based upon this information we can conclude, with certainty, that equilibrium :

Test: Price Determination In Different Markets - 1 - Question 15

Suppose that the supply of cameras increases due to an increase in foreign imports. Which of the following will most likely occur?

Detailed Solution for Test: Price Determination In Different Markets - 1 - Question 15

If the supply of camera films increase due of foreign imports of camera films the equilibrium quantity of camera films will increase as the supply is increasing. There also might be a slight decrease in the price of camera films if the forces are to come back to equilibrium. 

Test: Price Determination In Different Markets - 1 - Question 16

Assume that in the market for good Z there is a simultaneous increase in demand and the quantity supplied. The result will be :

Test: Price Determination In Different Markets - 1 - Question 17

Suppose the technology for producing personal computers improves and, at the same time, individuals discover new uses for personal computers so that there is greater utilisation of personal computers. Which of the following will happen to equilibrium price and equilibrium quantity?

Test: Price Determination In Different Markets - 1 - Question 18

Which of the following is not a condition of perfect competition?

Test: Price Determination In Different Markets - 1 - Question 19

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

Test: Price Determination In Different Markets - 1 - Question 20

Which of the following is not a characteristic of monopolistic competition?

Test: Price Determination In Different Markets - 1 - Question 21

All of the following are characteristics of a monopoly except :

Test: Price Determination In Different Markets - 1 - Question 22

Oligopolistic industries are characterized by :

Test: Price Determination In Different Markets - 1 - Question 23

Price-taking firms, i.e., firms that operate in a perfectly competitive market, are said to be “small” relative to the market. Which of the following best describes this smallness?

Test: Price Determination In Different Markets - 1 - Question 24

For the price-taking firm :

Test: Price Determination In Different Markets - 1 - Question 25

Monopolistic competition differs from perfect competition primarily because

Test: Price Determination In Different Markets - 1 - Question 26

The long-run equilibrium outcomes in monopolistic competition and perfect competition are similar, because in both market structures

Test: Price Determination In Different Markets - 1 - Question 27

A monopolist is able to maximise his profits when :

Test: Price Determination In Different Markets - 1 - Question 28

In which form of the market structure is the degree of control over the price of its product by a firm very large?

Test: Price Determination In Different Markets - 1 - Question 29

​Which is the other name that is given to the average revenue curve?

Test: Price Determination In Different Markets - 1 - Question 30

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

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