Market and Revenue Curves Test 01 Mcqs Preparation Online

1. In case of monopoly:

A. Marginal revenue is always less than average revenue

B. Total revenue curve always slopes upward

C. Marginal revenue curve always slopes upward

D. Marginal revenue is always equal to average revenue

2. In case of perfect competition in the market:

A. Marginal revenue curve always slopes upward

B. Marginal revenue is always less than average revenue

C. Marginal revenue is always equal to average revenue

D. Marginal revenue curve always slopes downward

3. Which is not true:

A. Every monopoly is evil

B. Every firm wants to reduce competition

C. Perfect monopoly does not exist in real world

D. Perfect competition does not exist in real world

4. A firm under perfect competition is:

A. Price breaker

B. Price shaker

C. Price taker

D. Price maker

5. Which is a condition for existence of monopoly:

A. No close substitute

B. Identical product

C. Absence of government taxes

D. Big size

6. Which of the following markets comes closet to perfect market.

A. Cigarette market

B. Stock market

C. Wheat market

D. Cold drinks market

7. This kind of market is undesirable:

A. Local market

B. General markets

C. Specialized

D. National market

8. In the business world:

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

B. Monopoly price is always higher than competitive price

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

D. Competitive price is always higher than monopoly price

9. The major difference between perfect competition and monopolistic competition is:

A. Number of firms

B. Differentiated product

C. Rate of profit

D. Free exist and entry

10. Which of the following is one of the assumptions of perfect competition.

A. All sellers and buyers are honest

B. Few buyers and few sellers

C. Many buyers and few sellers

D. Many buyers and many sellers

Market and Revenue Curves Test 01 Mcqs Preparation Online

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