Economics MCQS with Answers 1st Year Chapter 12

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Economics MCQS with Answers 1st Year


Which is a condition for existence of monopoly
identical product
big size
absence of government taxes
no close substitute

Which of the following is NOTa characteristic of perfect competition?
individual firm can influence the price
marginal revenue curve is horizontal
free entry and exit of the firm
demand curve of a firm is horizontal

Product differentiation is a pre-condition of:
Imperfect compitition
Oligopoly
Monopoly
Perfect competition

A mechanism, or arrangement, which brings together buyers together buyers and sellers of particular goods or services are called
Market
Contact
Revenue curve
None of these

In the business world
a firm working under perfect competition wants to become a monopoly
a firm working under monopoly wants to become a competitive firm
monopoly price is always higher than competitive price
competitive price is always higher than monopoly price

Common market of SAARC countries will be called:
Regional market
None of the three
National market
International market

In case of perfect competition in the market
marginal revenue curve always slopes upward
marginal revenue is always less than to average revenue
marginal revenue curve always slopes downward
marginal revenue is always equal to average revenue

Market is an area where :
Price remain constant
Price flactuates
Buyers and sellers come in contact with each other
Products are sold

Under perfect competition MR and AR curves
intersect each other
are different
are the same
are parallel

How many kinds of market?
6
4
5
7

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