Market and Revenue Curves Test 01 Mcqs Preparation Online

1. In case of monopoly:

A. Marginal revenue is always equal to average revenue

B. Marginal revenue curve always slopes upward

C. Marginal revenue is always less than average revenue

D. Total revenue curve always slopes upward

2. In the business world:

A. Competitive price is always higher than monopoly price

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

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

D. Monopoly price is always higher than competitive price

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

A. Rate of profit

B. Differentiated product

C. Free exist and entry

D. Number of firms

4. A firm under perfect competition is:

A. Price breaker

B. Price taker

C. Price maker

D. Price shaker

5. In case of perfect competition in the market:

A. Marginal revenue is always less than average revenue

B. Marginal revenue is always equal to average revenue

C. Marginal revenue curve always slopes upward

D. Marginal revenue curve always slopes downward

6. Which is a condition for existence of monopoly:

A. Big size

B. Identical product

C. Absence of government taxes

D. No close substitute

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

A. Many buyers and few sellers

B. All sellers and buyers are honest

C. Few buyers and few sellers

D. Many buyers and many sellers

8. This kind of market is undesirable:

A. National market

B. General markets

C. Specialized

D. Local market

9. Which is not true:

A. Perfect competition does not exist in real world

B. Every monopoly is evil

C. Perfect monopoly does not exist in real world

D. Every firm wants to reduce competition

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

A. Cold drinks market

B. Stock market

C. Wheat market

D. Cigarette market

Market and Revenue Curves Test 01 Mcqs Preparation Online

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