Table of Contents
Indian Economy Mcq Questions
1. In perfect competition, there are large no. of _______ .
(a) Buyers
(b) Sellers
(c) Firms
(d) Both (a) and (b)
2. Under perfect Competition ,price or average revenue of the product is equal to :
(a) Marginal Revenue
(b) Total Revenue
(c) Average Cost
(d) None of these
3. In Perfect Competition, price of the Commodity is determined by :
(a) Firm
(b) Industry
(c) Both (a) and (b)
(d) None of these
4. In very short run, price of perishable goods is determined by :
(a) Demand
(b) Supply
(c) Revenue
(d) All of the these
5. In short period, supply curve of the Industry is:
(a) Inelastic
(b) More elastic
(c) Parallel to OX- axis
(d) Parallel to OY- axis
Important Questions on Perfect Competition (Economics)
6. Which kind of price prevails in market in Long-run?
(a) Sub-Normal Price
(b) Market Price
(c) Normal Price
(d) All of these
7. In perfect Competition market, Industry set the price of the Commodity ,where:
(a) Demand = Supply
(b) Demand > Supply
(c) Demand < Supply
(d) Demand / Supply
8. Assumptions of perfect Competition are :
(a) Lack of Transport Cost
(b) Lack of Selling Cost
(c) Same Price
(d) All of these
9. Firm is a Price _______ in case of Perfect Competition.
(a) Taker
(b) Maker
(c) Alterer
(d) None of these
10. According to Marshall, shorter the Period, greater will be the influence of _______ and lager the period, greater will be the influence of _______ on price.
(a) Supply, demand
(b) Demand , Supply
(c) Demand , demand
(d) Transaction, money
ANSWERS:
1. d
2. a
3. b
4. a
5. b
6. c
7. a
8. d
9. a
10. b
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