FORMS OF MARKET MCQ CLASS 12

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Table of Contents

FORMS OF MARKET MCQ CLASS 12

Which is a characteristic of the market ?
(a) One Area
(b) Presence of both Buyers and Sellers
(c) Single Price of the Commodity
(d) All the above

Which is a basic for the classification of the market ?
(a) Perfect Competition
(b) Zero Competition (Monopoly)
(c) Imperfect Competition
(d) All the above

Which of the following is a feature of perfect competition ?
(a) Large Number of Buyers and Sellers
(b) Homogeneous Units of the Product
(c) Perfect Knowledge of the Market
(d) All the above

In which market product differentiation is found ?
(a) Pure Competition
(b) Perfect Competition
(c) Monopoly
(d) Monopolistic Competition

Which of the following is true in perfect competition ?
(a) Firm is price-taker, not price-maker
(b) Firm’s demand curve is perfectly elastic
(c) AR = MR
(d) All the above

Which one is a feature of monopoly ?
(a) Single Seller and Many Buyers
(b) Lack of Close Substitutes
(c) Restrictions of New Firm entry
(d) All of these

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Which one of the following is true for monopoly ?
(a) Firm is price-maker
(b) Demand curve slopes downward
(c) Price discrimination possibility arises
(d) All the above

Which one is a feature of monopolistic competition ?
(a) Differentiated Product
(b) Selling Cost
(c) Imperfect Knowledge of the Market
(d) All the above

A market in which there is free entry and exit, the market is:
(a) Monopolistic Competitive Market
(b) Imperfect Competitive Market
(c) Perfectly Competitive Market
(d) None of these

What does a monopolist market show ?
(a) Production process
(b) Distribution system
(c) Nature of market
(d) None of these

Price discrimination is found in which market ?
(a) Pure Competition
(b) Perfect Competition
(c) Monopoly
(d) Monopolistic Competition

Which of the following is the feature of pure competition ?
(a) Perfect knowledge of the market
(b) Perfect mobility of factors
(c) Homogenity by products
(d) All the above

Market situation where there is only one buyer is:
(a) Monopoly
(b) Monopsony
(c) Duropoly
(d) None of these

The concept of monopolistic competition is given by:
(a) Hicks
(b) Chamberlin
(c) Mrs. Robinson
(d) Samuelson

Which of the following is not a feature of perfect competition ?
(a) Large number of buyers and sellers
(b) Homogeneity of product
(c) Advertisement and selling cost
(d) Perfect knowledge of the market

In which market is AR equal to MR ?
(a) Perfect competition
(b) Oligopoly
(c) Imperfect competition
(d) Monopoly

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Which factor determines Equilibrium Price ?
(a) Demand for Commodity
(b) Supply of Commodity
(c) Both (a) and (b)
(d) None of the above

“Price is determined by Demand and Supply. Whose statement is this ?
(a) Jevons
(b) Walras
(c) Marshall
(d) None of these

Price of a commodity is determined at a point where :
(a) Demand exceeds
(b) Supply exceeds
(c) Demand equals supply
(d) None of these

What is true for perfect competition market ?
(a) Price is determined by both Demand and Supply Forces
(b) Price is determined by the industry
(c) Each firm of the industry is Price-taker
(d) All the above

Who gave the concept of ‘Time Element’ in price determination process ?
(a) Ricardo
(b) Walras
(c) Marshall
(d) J. K. Mehta

How many categories of production duration have been made by Marshall on the basis of supply ?
(a) Two
(b) Three
(c) Four
(d) Seven

Which is a reason of change in demand ?
(a) Change in Consumer’s Income
(b) Change in Prices of Related Goods
(c) Population increase
(d) All the above

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Which statement is correct ?
(a) In very short period, supply is perfectly inelastic, price is affected by both demand conditions.
(b) Supply curve elasticity depends on time period
(c) Both (a) and (b)
(d) None of the above

Market Price is found in:
(a) Short Period Market
(b) Long Period Market
(c) Very Long Period Market
(d) None of these

The price of a good is determined by:
(a) Demand
(b) Supply
(c) Both demand and supply
(d) Government

Market price is associated with:
(a) Price of very short period
(b) Normal price
(c) Permanent price
(d) All of these

The price of a goods in perfect competition is determined by:
(a) Bargaining
(b) Production cost
(c) Marginal utility
(d) Demand and supply

In perfect competition, a firm:
(a) Determines price
(b) Obtains price
(c) Both (a) and (b)
(d) None of these

In very short period, supply will be:
(a) Perfectly elastic
(b) Perfectly Inelastic
(c) Elastic
(d) None of these

Which is not a condition for equilibrium of a monopoly form ?
(a) Average Revenue = Marginal Cost
(b) Marginal Revenue = Marginal Cost
(c) Marginal Cost should cut the Marginal Revenue Curve from below
(d) Both (b) and (c)

In perfect competition, these is……. profit
(a) Normal
(b) Maximum
(c) Zero
(d) None of these

A Seller Cannot influence the market price under:
(a) Perfect Competition
(b) Monopoly
(c) Monopolistic Competition
(d) All of these

Which determines the equilibrium price ?
(a) Demand
(b) Supply
(c) Both (a) and (b)
(d) None of the above

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Which is the component of factor price determination ?
(a) Rent
(b) Wages
(c) Interest
(d) All of these

Price of a goods is determined at a point where :
(a) Demand > Supply
(b) Demand < Supply
(c) Demand = Supply
(d) None of these

Rent is = ?
(a) Actual Income – Transfer Earnings
(b) Actual Income + Transfer Earnings
(c) Transfer Earnings
(d) None of these

Which of the following is correct ?
(a) Labour Demand comes from producer
(b) Demand of labour depends on its productivity.
(c) Marginal productivity of labour is its maximum wage
(d) All the above

Main feature of perfectly competitive market is:
(a) Uniform price
(b) Homogeneous product
(c) Large number of buyers and sellers
(d) All of the above.

The market in which there is free entry and exit is:
(a) Monopolistic competition market
(b) Imperfect competition market
(c) Perfect competitions market
(d) None of these.

There is inverse relation between demand and price of goods in:
(a) Only monopoly
(b) Only monopolistic competition
(c) Both (a) and (b)
(d) Only perfect competition.

According to which economist “Price of a commodity is determined by the forces of demand and supply”:
(a) Jevons
(b) Valros
(c) Marshall
(d) None of these.

Not a condition of equilibrium of monopoly firm:
(a) Average revenue = Marginal revenue
(b) Marginal revenue = Marginal cost
(c) Marginal cost curve cuts marginal revenue curve from downwards.
(d) Both (b) and (c).

Market price is found in:
(a) Short period market
(b) Long period market
(c) Very long period market
(d) None of these.

Demand curve of a firm is perfectly elastic in:
(a) Perfect competition
(b) Monopoly
(c) Monopolistic competition
(d) Oligopoly.

Administrative price is:
(a) Price ceiling
(b) Price floor
(c) Both (a) and (b)
(d) None of these.

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Minimum support price of wheat is called:
(a) Price ceiling
(b) Price floor
(c) Market price
(d) Equilibrium price.

Which of the following is the component of instrument pricing:
(a) Rent
(b) Wages
(c) Interest
(d) None of these.

Which factors help in the determination of equilibrium price:
(a) Demand
(b) Supply
(c) Both (a) and (b)
(d) None of the above.

Which among the following statement is not true:
(a) Demand of labor is done by the producer
(b) Demand of labor depends open its productivity
(c) Marginal productivity of a labor is his maximum wages
(d) All of the above.

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ANSWER KEY