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CBSE
Class 11 Economics
Market Equilibrium
Quiz 3
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Not a condition of equilibrium of monopoly firm:
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Average revenue = Marginal revenue
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Marginal revenue = Marginal cost
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Marginal cost curve cuts marginal revenue curve from downwards.
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Both (b) and (c).
Explanation
Average revenue = Marginal revenue
Market price is found in:
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Short period market
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Long period market
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Very long period market
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None of these.
Explanation
Short period market
Demand curve of a firm is perfectly elastic in:
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Perfect competition
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Monopoly
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Monopolistic competition
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Oligopoly.
Explanation
Perfect competition
Administrative price is:
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Price ceiling
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Price floor
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Both (a) and (b)
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None of these.
Explanation
Both (a) and (b)
Minimum support price of wheat is called:
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Price ceiling
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Price floor
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Market price
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Equilibrium price.
Explanation
Price floor
Which of the following is the component of instrument pricing:
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Rent
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Wages
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Interest
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None of these.
Explanation
Interest
Which factors help in the determination of equilibrium price:
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Demand
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Supply
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Both (a) and (b)
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None of the above.
Explanation
None of the above
Which among the following statement is not true:
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Demand of labor is done by the producer
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Demand of labor depends open its productivity
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Marginal productivity of a labor is his maximum wages
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All of the above.
Explanation
All of the above
Excess demand can be seen in:
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Fixed market price
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Lowest fixed price
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Highest fixed price
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None of these.
Explanation
Highest fixed price
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