Economics/Economics Market and Revenue Curves Sample Test,Sample questions

Question:
  Which of the following is not a characteristic of perfect competition?

1. Free entry and exit of the firms

2.the demand curve of firm is horizontal

3.The marginal revenue curve is horizontal

4.An individual firm can influence the price


Question:
 In case of monopoly:

1.Marginal revenue curve always slopes upward

2.Total revenue curve always slopes upward

3.Marginal revenue is always equal to average revenue

4.Marginal revenue is always less than average revenue


Question:
 Marginal revenue is always less than price at all levels of output in:

1.Perfect competition

2.Monopoly

3.Both (a) & (b)

4.None of the above


Question:
 Which is a condition for existence of monopoly:

1.Big size

2.Identical product

3.Absence of government taxes

4.No close substitute


Question:
 Which is not true:

1.Perfect monopoly does not exist in real world

2.Perfect competition does not exist in real world

3.Every monopoly is evil

4. Every firm wants to reduce competition


Question:
A firm under perfect competition is:

1.Price maker

2.Price breaker

3.Price taker

4.Price shaker


Question:
In case of perfect competition in the market:

1.Marginal revenue curve always slopes upward

2.Marginal revenue curve always slopes downward

3.Marginal revenue is always equal to average revenue

4.Marginal revenue is always less than average revenue


Question:
In the business world:

1.A firm working under perfect competition wants to become a monopoly

2.A firm working under monopoly wants to become a competitive firm

3.Monopoly price is always higher than competitive price

4.Competitive price is always higher than monopoly price


Question:
Marginal revenue is always less than price at all levels of output in:

1.Perfect competition

2.Monopoly

3. Both (a) & (b)

4.None of the above


Question:
The major difference between perfect competition and monopolistic competition is:

1.Number of firms

2.Differentiated product

3.Rate of profit

4.Free exist and entry


Question:
This kind of market is undesirable:

1. General markets

2.Specialized

3. Local market

4.National market


Question:
When marginal revenue is zero, total revenue:

1.Maximum

2.Minimum

3.Zero

4.Decreasing


Question:
Which of the following is not a characteristic of perfect competition?

1.Free entry and exit of the firms

2.Demand curve of a firm is horizontal

3.The marginal revenue curve is horizontal

4.An individual firm can influence the price


Question:
Which of the following is one of the assumptions of perfect competition.

1.Few buyers and few sellers

2.Many buyers and few sellers

3.Many buyers and many sellers

4.All sellers and buyers are honest


Question:
Which of the following markets comes closet to perfect market.

1.Wheat market

2.Cigarette market

3.Cold drinks market

4. Stock market


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