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CBSE
Class 11 Economics
Market Equilibrium
Quiz 2
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Who gave the concept of ‘Time Element’ in price determination process ?
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Ricardo
0%
Walras
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Marshall
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J. K. Mehta
Explanation
Marshall
How many categories of production duration have been made by Marshall on the basis of supply ?
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Two
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Three
0%
Four
0%
Seven
Explanation
Three
Which statement is correct ?
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In very short period, supply is perfectly inelastic, price is affected by both demand conditions.
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Supply curve elasticity depends on time period
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Both (a) and (b)
0%
None of the above
Explanation
Both (a) and (b)
Market Price is found in:
0%
Short Period Market
0%
Long Period Market
0%
Very Long Period Market
0%
None of these
Explanation
Short Period Market
The price of a good is determined by:
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Demand
0%
Supply
0%
Both demand and supply
0%
Government
Explanation
Both demand and supply
Market price is associated with:
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Price of very short period
0%
Normal price
0%
Permanent price
0%
All of these
Explanation
Price of very short period
The price of a goods in perfect competition is determined by:
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Bargaining
0%
Production cost
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Marginal utility
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Demand and supply
Explanation
Demand and supply
In perfect competition, a firm:
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Determines price
0%
Obtains price
0%
Both (a) and (b)
0%
None of these
Explanation
Obtains price
In very short period, supply will be:
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Perfectly elastic
0%
Perfectly Inelastic
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Elastic
0%
None of these
Explanation
Perfectly Inelastic
Which is not a condition for equilibrium of a monopoly form ?
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Average Revenue = Marginal Cost
0%
Marginal Revenue = Marginal Cost
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Marginal Cost should cut the Marginal Revenue Curve from below
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Both (b) and (c)
Explanation
Average Revenue = Marginal Cost
In perfect competition, these is……. profit
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Normal
0%
Maximum
0%
Zero
0%
None of these
Explanation
Normal
A Seller Cannot influence the market price under:
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Perfect Competition
0%
Monopoly
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Monopolistic Competition
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All of these
Explanation
Perfect Competition
Which determines the equilibrium price ?
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Demand
0%
Supply
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Both (a) and (b)
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None of the above
Explanation
Both (a) and (b)
Which is the component of factor price determination ?
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Rent
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Wages
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Interest
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All of these
Explanation
All of these
Price of a goods is determined at a point where :
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Demand > Supply
0%
Demand < Supply
0%
Demand = Supply
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None of these
Explanation
Demand = Supply
None of these Rent is = ?
0%
Actual Income – Transfer Earnings
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Actual Income + Transfer Earnings
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Transfer Earnings
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None of these
Explanation
Actual Income – Transfer Earnings
Main feature of perfectly competitive market is:
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Uniform price
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Homogeneous product
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Large number of buyers and sellers
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All of the above.
Explanation
All of the above.
The market in which there is free entry and exit is:
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Monopolistic competition market
0%
Imperfect competition market
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Perfect competitions market
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None of these.
Explanation
Perfect competitions market
There is inverse relation between demand and price of goods in:
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Only monopoly
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Only monopolistic competition
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Both (a) and (b)
0%
Only perfect competition.
Explanation
Only perfect competition.
According to which economist “Price of a commodity is determined by the forces of demand and supply”:
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Jevons
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Valros
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Marshall
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None of these.
Explanation
Marshall
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