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CBSE
Class 11 Economics
Market Equilibrium
Quiz 1
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Which is a characteristic of the market ?
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One Area
0%
Presence of both Buyers and Sellers
0%
Single Price of the Commodity
0%
All the above
Explanation
All the above
Which is a basic for the classification of the market ?
0%
Perfect Competition
0%
Zero Competition (Monopoly)
0%
Imperfect Competition
0%
All the above
Explanation
All the above
Which of the following is a feature of perfect competition ?
0%
Large Number of Buyers and Sellers
0%
Homogeneous Units of the Product
0%
Perfect Knowledge of the Market
0%
All the above
Explanation
All the above
In which market product differentiation is found ?
0%
Pure Competition
0%
Perfect Competition
0%
Monopoly
0%
Monopolistic Competition
Explanation
Monopoly
Which of the following is true in perfect competition ?
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Firm is price-taker, not price-maker
0%
Firm’s demand curve is perfectly elastic
0%
AR = MR
0%
All the above
Explanation
All the above
Which one is a feature of monopoly ?
0%
Single Seller and Many Buyers
0%
Lack of Close Substitutes
0%
Restrictions of New Firm entry
0%
All of these
Explanation
All of these
Which one of the following is true for monopoly ?
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Firm is price-maker
0%
Demand curve slopes downward
0%
Price discrimination possibility arises
0%
All the above
Explanation
All the above
Which one is a feature of monopolistic competition ?
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Differentiated Product
0%
Selling Cost
0%
Imperfect Knowledge of the Market
0%
All the above
Explanation
All the above
A market in which there is free entry and exit, the market is:
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Monopolistic Competitive Market
0%
Imperfect Competitive Market
0%
Perfectly Competitive Market
0%
None of these
Explanation
Perfectly Competitive Market
What does a monopolist market show ?
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Production process
0%
Distribution system
0%
Nature of market
0%
None of these
Explanation
Nature of market
Price discrimination is found in which market ?
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Pure Competition
0%
Perfect Competition
0%
Monopoly
0%
Monopolistic Competition
Explanation
Monopoly
Which of the following is the feature of pure competition ?
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Perfect knowledge of the market
0%
Perfect mobility of factors
0%
Homogenity by products
0%
All the above
Explanation
All the above
Market situation where there is only one buyer is:
0%
Monopoly
0%
Monopsony
0%
Duropoly
0%
None of these
Explanation
Monopsony
The concept of monopolistic competition is given by:
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Hicks
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Chamberlin
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Mrs. Robinson
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Samuelson
Explanation
Chamberlin
Which of the following is not a feature of perfect competition ?
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Large number of buyers and sellers
0%
Homogeneity of product
0%
Advertisement and selling cost
0%
Perfect knowledge of the market
Explanation
Advertisement and selling cost
In which market is AR equal to MR ?
0%
Perfect competition
0%
Oligopoly
0%
Imperfect competition
0%
Monopoly
Explanation
Perfect competition
Which factor determines Equilibrium Price ?
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Demand for Commodity
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Supply of Commodity
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Both (a) and (b)
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None of the above
Explanation
Both (a) and (b)
“Price is determined by Demand and Supply. Whose statement is this ?
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Jevons
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Walras
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Marshall
0%
None of these
Explanation
Marshall
Price of a commodity is determined at a point where :
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Demand exceeds
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Supply exceeds
0%
Demand equals supply
0%
None of these
Explanation
Demand equals supply
What is true for perfect competition market ?
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Price is determined by both Demand and Supply Forces
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Price is determined by the industry
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Each firm of the industry is Price-taker
0%
All the above
Explanation
All the above
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