Test: Price Determination In Different Markets - 2 - CA Foundation MCQ
30 Questions MCQ Test - Test: Price Determination In Different Markets - 2
A purely competitive firm’s supply schedule in the short run is determined by
One characteristic not typical of oligopolistic industry is
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The structure of the toothpaste industry in India is best described as
The structure of the cold drink industry in India is best described as
Which of the following statements is incorrect?
In perfect competition in the long run there will be no ________________ .
When ________________________________ , we know that the firms are earning just normal profits.
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.
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.
Agricultural goods markets depict characteristics close to
Which of the following is not a characteristic of a competitive market?
Which of the following markets would most closely satisfy the requirements for a perfectly competitive market?
The competitive firm maximizes profit when it produces output up to the point where
The market for hand tools (such as hammers and screwdrivers) is dominated by Draper, Stanley, and Craftsman. This market is best described as
A market structure in which many firms sell products that are similar but not identical is known as
When an oligopolist individually chooses its level of production to maximize its profits, it charges a price that is
In the long-run equilibrium of a competitive market, firms operate at
Which of the following is not a characteristic of a monopolistically competitive market?
In a very short period market :
Average revenue is the revenue earned
AR can be symbolically written as:
Marginal revenue can be defined as the change in total revenue resulting from the:
In perfect competition firm is the———————-
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