Smartindia Classroom
CONTENTS
English
Economics
History
Geography
Political Science
Sociology
Psychology
Computer Application
Back to home
Start Practice
Question-1
Perfect competition is characterised by
(A)
Large number of firms ; hetrogeneous product ; easy entry and exit
(B)
Large number of firm ; homogeneous product ; incomplete information
(C)
Large number of firm ; homogenous product ; easy entry and exit
(D)
Few firms ; homogeneous product ; difficult entry and exit
Question-2
Secular price is fixed in the ________ period.
(A)
Very short
(B)
Short
(C)
Long
(D)
Very long
Question-3
The concept of equilibrium price is:
(A)
Practical
(B)
Theoretical
(C)
Both theoretical and practical
(D)
Neither theoretical nor practical
Question-4
Perfect competition is a situation under which a commodity ______ is sold it.
(A)
Different price
(B)
A uniform price
(C)
A higher price
(D)
A lower price
Question-5
Market price is _________ equilibrium price.
(A)
More than
(B)
Lesser than
(C)
Equal to
(D)
Either lesser or more than
Question-6
If demand and supply change at the same rates, the equilibrium price will
(A)
Increase
(B)
Decrease
(C)
Remain Constant
(D)
Neither increase nor decrease
Question-7
The demand curve facing an individual seller under pure and perfect competition is :
(A)
A vertical straight line
(B)
A horizontal straight line
(C)
A downward sloping straight line
(D)
A downward vertical line
Question-8
At equilibrium price
(A)
Demand is more
(B)
Supply is more
(C)
Demand and supply are equal
(D)
Demand is lesser
Question-9
Firms in perfectly competitive industries may be characterised as
(A)
Price Creators
(B)
Price Makers
(C)
Price Takers
(D)
Price Setters
Question-10
In the long run, a profit , maximizing , perfectly competitive firm will earn:
(A)
A normal rate of return
(B)
Positive economic profit
(C)
Negative economic profit
(D)
Accounting profit that is greater than economic profit
Your Score 0/10
Click
here
to see your answersheet and detailed track records.
Plus 2 Humanities
Kerala (English Medium)
Practice in Related Chapters
Forms of Market
National Income
Indian Economy 1950 - 1990
National Income Accounting
The Theory of Consumer Behaviour (Micro)
Elasticity of Demand (Micro)
Theory of Demand (Micro)
Market Equilibrium Under Perfect Competition (Micro)
Production Function-Returns to a factor(Micro)
Supply and Elasticity of Supply
Cost Revenue and Producers Equilibrium
Forms of Market
National Income Accounting and Circular flow of Income (Macro)
Powered By
