CBSE Questions for Class 11 Commerce Economics Non-Competitive Markets Quiz 6 - MCQExams.com

Essential condition(s) for price discrimination is/ are:
  • Existence of monopoly
  • No contact among buyers
  • Existence of two or more than two markets
  • All of above
Which of the following is not a characteristic of a competitive market?
  • There are many buyers and sellers in the market.
  • The goods offered for sales are largely the same.
  • Firms generate small but positive super normal profits in the long run.
  • Firms can freely enter or exit the market.
In the long-run equilibrium of a competitive market, firms operate at:
  • The intersection of the marginal cost and marginal revenue
  • Their efficient scale
  • Zero economic profit
  • All of the above
When an oligopolist individually chooses its level of production to maximize its profits, it charges a price that is.
  • more than the price charged by either monopoly or a competitive market
  • less than the price charged by either monopoly or a competitive market
  • more than the price charged by a monopoly and less than the price charged by a competitive market
  • less than the price charged by a monopoly and more than the price charged by a competitive market.
All of the following are characteristics of a monopoly except:
  • There is a single firm.
  • The firm is a price taker.
  • The firm produces a unique product.
  • The existence of some advertising.
The following figure shows ___________.
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  • a firm is a price maker
  • a firm is price taker
  • an industry is price taker
  • none of the above
Which of the following is NOT the feature of monopoly form of market?
  • Not elastic in nature
  • Legal barriers
  • Size of the market is too small
  • All of the above
In perfect market Competition the price is Not dependent on
  • Transportation cost
  • Products of individuals firms
  • Both a & b
  • None of the above
In a perfect competitive firm _______________.
  • it can sell as much as it wants at unchanged prices
  • it has no market power
  • it is a price taker
  • All of the above
In a free market economy, the optimal quality of goods and service is determined by ____________.
  • customers
  • workers
  • firms
  • government
In the long run monopolistic competitive firms make the same type of profits as  _______________.
  • perfect competition
  • monopoly
  • oligopoly
  • none of the above
Perfect competition market is _________________.
  • most prominent market
  • hypothetical market
  • resourceful market
  • all of the above
Monopolistic competition differs from perfect competition primarily because _________________.
  • in monopolistic competition, firms can differentiate their products
  • in perfect competition, firms can differentiate their products
  • In monopolistic competition, industry produces all of the market supply of goods
  • In Perfect competition, the exits are too less
Monopolistic competition is ________________.
  • real form of market
  • hypothetical market
  • neither a nor b
  • both a & b
In a perfect competition, seller has to incur selling expenses because his product has to be differentiated from the supplied by other sellers. 
  • True
  • False
The long run equilibrium under monopolistic competition has ____________.
  • free exit and entry of firms
  • competition among firms
  • Both a & b
  • None of the above
In the long run with increasing returns in a firm it still earns normal profit. This feature is present in _____ form of market.
  • perfect Competition
  • monopoly
  • monopolistic competition
  • All of the above
In long run monopolistic competitive firm earn profits only when ____________.
  • the efficient output level will be produced in the long run
  • they earn zero economic profit
  • firms will only earn a normal profit
  • firms will realize all economies of scale
The situation in which buyers are able to affect the price of a good is referred to as ______ power.
  • monopoly
  • purchasing
  • monophony
  • countervailing
Price exceeds average variable cost but is smaller than average total cost at the optimum level of output, the firm is ______________.
  • making a profit and should continue to produce
  • incurring a loss but should continue to produce
  • incurring a loss and should stop producing immediatly
  • break even and maintain current output
In monopolistic competition there is ________________.
  • cut-throat price competition
  • product differentiation
  • explicit consideration at firm level of the feed back efforts of other firms pricing decisions.
  • High profit margins
In a non-competitive market, when the demand of the product increases and the product price increases _______________.
  • the marginal revenue curve will shift to the right
  • the marginal revenue curve will shift to the left
  • the firm will move up the marginal revenue curve and hire fewer units of the input
  • the firm will move down the marginal revenuencurve and hire fewer units of the input
In monopolistic Competition _____________.
  • close substitution can be defined
  • close substitution can not be defined
  • both a & b
  • none of the above
The perfectly competitive firm's short run supply curve is same as the ___________________. 
  • total revenue
  • supply of other firms in the industry
  • upward sloping portion of its marginal cost curve at or above minimum AVC curve
  • upward sloping portion of its MR curve
In perfect competition in the long run there will be no ________.
  • supernormal profits
  • normal profits
  • production
  • none of above
In a perfect competition which curve among following will be a straight line?
  • Marginal revenue
  • Marginal cost
  • Average cost
  • Total cost
Under which market situation demand curve is linear and parallel to X-Axis?
  • Perfect competition
  • Monopoly
  • Monopolistic competition
  • Oligopoly
Firm in industry is 'price maker'.This is feature of ___________.
  • perfect competition
  • monopoly
  • monopolistic competition
  • (B) and (C)
The structure of the cold drink industry in India is best described as ___________.
  • perfect competition
  • monopolistic competion  
  •  a monopoly
  • oligopolistic competition
Single firm in industry is feature of _________.
  • perfect competitive
  • monopoly
  • monopolistically competitive
  • (A) and (C)
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