Online Quiz in Price Determination in Different Markets in Economics for The preparation of professional exams of CA cpt, CA foundation, CS foundation, CMA foundation , And Also for B.com, M.com, MBA
Price Determination in Different Markets-Test 3
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Subject : General Economics Questions : 30
Chapter :Price Determination in Different Markets -Test 3
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In the perfect competition, when the marginal revenue and marginal cost are equal, profit is ____ .
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Question 2 of 30
2. Question
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In perfect competition, a firm increases profit when ____ exceeds the ____ .
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Question 3 of 30
3. Question
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In the long run there is enough time for the firm to cover its losses and earn normal profits. This is because in the long run, all inputs
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Question 4 of 30
4. Question
1 points
In a perfect competitive market, in the long run, competitive prices equal the minimum possible ____ cost of good.
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Question 5 of 30
5. Question
1 points
In perfect competition, in the long run if a new firm enters the industry the supply curve shifts to the right resulting in ____ .
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Question 6 of 30
6. Question
1 points
If the price is statutorily fixed and equal to MC, monopoly profits will be
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Question 7 of 30
7. Question
1 points
Which of the following type of competition is just a theoretical economic concept, not a realistic case where actual competition and trade take place ?
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Question 8 of 30
8. Question
1 points
Which of the following feature is not seen in imperfect competition ?
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Question 9 of 30
9. Question
1 points
Which of the following is not a characteristic, feature of perfect competition ?
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Question 10 of 30
10. Question
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In imperfect competition, the average revenue and marginal revenue curves are _____ .
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Question 11 of 30
11. Question
1 points
Which of the following types of market structure is the exact opposite of perfect competition ?
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Question 12 of 30
12. Question
1 points
In which of the following market structure is the demand curve of the market is represented by the demand curve of the firm ?
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Question 13 of 30
13. Question
1 points
In which of the following types of market structures can a firm earn abnormal profit in the long run ?
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Question 14 of 30
14. Question
1 points
In which of the following types of market structure are advertise expenses the least ?
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Question 15 of 30
15. Question
1 points
The equilibrium level of output for the pure monopolist is where
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Question 16 of 30
16. Question
1 points
In which of the following types of market structure, is it impossible for a seller to charge different prices for the same good ?
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Question 17 of 30
17. Question
1 points
Under monopoly the supply curve is absent because
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Question 18 of 30
18. Question
1 points
In perfect competition, in the long run, _____ .
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Question 19 of 30
19. Question
1 points
In the long-run, due to blocked entry pure profits can be made by
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Question 20 of 30
20. Question
1 points
Which industry best fits the description of a perfectly competitive market ?
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Question 21 of 30
21. Question
1 points
A perfectly competitive firm is operating at an output level where price is greater than marginal cost. Which of the following is true ?
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Question 22 of 30
22. Question
1 points
In India, in which of the following industries does monopoly exist ?
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Question 23 of 30
23. Question
1 points
In ______ , a firm faces an infinitely elastic demand curve which means that the firm can sell any amount of a good at the prevailing market price.
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Question 24 of 30
24. Question
1 points
When does a firm maximize its profit in an imperfect competition ?
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Question 25 of 30
25. Question
1 points
How many sellers usually exist in a oligopoly market ?
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Question 26 of 30
26. Question
1 points
A rational consumer is a person who
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Question 27 of 30
27. Question
1 points
Which of the following is / are correct regarding the shape of total revenue under perfect competition ?
(i) TR curve is the straight line from the origin
(ii) Its slopes is constant
(iii) TR curve is S-shaped
(iv) Its slopes change with the change in output
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Question 28 of 30
28. Question
1 points
Pure Monopoly exists
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Question 29 of 30
29. Question
1 points
Under monopoly form of market, TR is maximum when
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Question 30 of 30
30. Question
1 points
Which of the following is not true in respect of normal profit ?