Economics MCQS with Answers 1st Year
The major difference between perfect competition and monopolistic competition is
rate of profit
free exit and entry
differentiated product
unity of frims
The market of cars is.
Domestic market
Regional market
Local market
International market
The concept of perfect competition was introduced by.
Alfred Marshall
Malthus
Keynes
Adam Smith
Buyers and sellers under perfect competition are.
Small in number
The same in number
None of the above
Large in number
Marginal revenue is always less than price at all levels of output in
perfect competition
both A and B
monopoly
none of the above
A monopolist is always interested and obtains.
Continues production even at loss
Super normal profit
Normal profit
Subnormal profit
The kind of market is undesirable
general market
specialized market
local market
monopoly market
Malaysia enjoys monopoly on rubber, but which kind of monopoluit is.
Social monopoly
Natural monopoly
Implied monopoly
Legal monopoly
In case of monopoly
marginal revenue is always equal to average revenue
total revenue curve always slopes upward
marginal revenue is always less than average revenue
marginal revenue curve always slopes upward
Different prices are charged from different customers of the same product. This is called.
Price instability
Price discrimination
Short run price
Long run price
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