CBSE Questions for Class 11 Commerce Economics Non-Competitive Markets Quiz 7 - MCQExams.com

Price discrimination take place in a __________.
  • perfect competition
  • monopoly
  • monopolistic competition
  • pure completion
No selling costs exist. This is the feature of ____________.
  • perfect competition
  • monopoly
  • monopolistic competition
  • (B) and (C)
Which of the following statements is incorrect?
  • Even firms in monopolistic competition can earn losses
  • Firms in a perfectly competitive market are price takers.
  • It is always beneficial for a firm in a perfectly competitive market to discriminate prices.
  • Kinked demand curve is related to an oligopolistic market.
Under ________ market condition, firms in the industry make only normal profit in the long run.
  • perfect competition
  • monopoly
  • oligopoly
  • all of above
Which industry best fits the description of a Perfectly Competitive market?
  • Automobile.
  • PC.
  • Soft-drinks.
  • Agriculture.
Firm encounters its "shutdown point' when ____________.
  • average total cost equals price at the profit-maximising level of output.
  • average variable cost equals price at the profit-maximising level of output.
  • average fixed cost equals price at the profit-maximising level of output.
  • marginal cost equals price at the profit-maximising level of output.
Marginal revenue for a monopolist is equal to ________________________.
  • the increased revenue from the sale of an additional unit less the loss the revenue from selling previous unit at a lower price
  • the change in revenue resulting from a one unit change in output
  • the change in revenue divided by the change in output
  • all of the above
When price is less than average variable cost at the profit-maximising level of output, a firm should __________.
  • produce where marginal revenue equals marginal cost if it is operating in the short run.
  • produce where marginal revenue equals marginal cost if it is operating is the long run.
  • shutdown, since it will lose nothing in that case.
  • shutdown, since it cannot even cover its variable costs if it stays in business.
The structure of the toothpaste industry in India is best described as _________.
  • perfectly competitive
  • monopolistic
  • monopolistically competitive
  • oligopolistic
Pure oligopoly is based on the __________ products
  • differentiated
  • homogeneous
  • unrelated
  • none of the above
The supply curve for the monopolist __________.
  • does not exist
  • is represented by the marginal cost curve above the average total cost curve
  • is represented by the marginal cost curve above the average variable cost curve
  • none of the above
Which of the following types of competition is just a theoretical economic concept, not a realistic case where actual competition and trade take place?
  • Monopoly.
  • Oligopoly.
  • Perfect Competition.
  • Monopolistic Competition.
If the inputs of all but one factor are held constant, then_________will vary with the quantity used of the variable factor.
  • Total Product
  • Average Product
  • Marginal Product
  • All of the above
If any natural calamity occured , what will happen to PPF?
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  • No change
  • Shift rightwards
  • Shift leftwards
  • It will become a straight line
In the long run under which market structure can a firm earn super normal profits?
  • Monopolistic competition
  • Perfect competition
  • Oligopoly
  • Monopoly
Which of the following best describes monopoly ?
  • Only a single seller with complete control over the industry.
  • Only a single buyer in the market.
  • A single buyer with complete control over the industry.
  • An indisputable market leader in an industry.
If a perfectly competitive firm finds itself operating at loss in the short run, it will:
  • Shut down
  • Continue to operate as long as it covers variable cost
  • Raise the price of the product
  • Reduce the size of its plant to lower fixed costs
The AR curve and industry demand curve are same in the case of _______ market.
  • monopoly
  • oligopoly
  • perfect competition
  • none of the above
To maximise profit, the firm should produce
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  • 30 units
  • 10 units
  • 20 units
  • 40 units
In India monopoly exists in the following industry?
  • Internet service providing industry.
  • Rail transportation
  • Small car industry
  • Electricity generation
If the market price drops from Rs 51 to Rs 47, the firm should 
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  • Close down
  • Produce 10 units
  • Produce 30 units
  • Produce 20 units
A monopolist will fix the equilibrium output of his product where the elasticity of his AR curve is __________.
  • greater than or equal to one
  • equal to or less than one
  • less than one but more than zero
  • zero
Which of the following statement in correct?
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  • Robbins has made economics as a form of welfare economics
  • The law of demand is always true
  • All capital is wealth but all wealth is not capital
  • None of the above
Which of the following types of market structure is the exact opposite of perfect competition?
  • Monopolistic competition
  • Monopoly
  • Oligopoly
  • Duopoly
In the long-run, due to blocked entry pure profits can be made by ____________.
  • pure oligopolist
  • pure monopolist
  • pure duoploist
  • none of the above
Given the cost conditions, which statement is correct?
  • Monopoly output and price will be higher than under pure competition
  • Monopoly output will be lower and price higher than under pure competition
  • Monopoly output will be higher and prices lower than under pure competition.
  • Monopoly output and price will be lower than under-pure competition.
Under perfect competition, at the shut down point, revenue earned by the firm covers which cost?
  • AC
  • MC
  • AVC
  • AFC
Under monopoly the supply curve is absent because __________.
  • the monopolist always makes profit
  • there is no entry for others.
  • equilibrium involves $$MC=MR$$ and $$MC< P$$
  • none of the above
In imperfect competition, the average revenue and marginal revenue curves are ________.
  • different
  • same
  • identical
  • perpendicular
In which of the following types of market structures can a firm earn abnormal profit in the long run?
  • Perfect competition
  • Monopolistic competition
  • Monopoly
  • Oligopoly
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