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Question-1
______ a dominant role in determining market price.
(A)
Supply Plays
(B)
Demand Plays
(C)
Demand and Supply play
(D)
Long run Equilibrium
Question-2
_________ a dominant role in determining equilibrium price in the long period.
(A)
Demand Plays
(B)
Supply Plays
(C)
Demand and Supply play
(D)
Short run Equilibrium
Question-3
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-4
At equilibrium price
(A)
Demand is more
(B)
Supply is more
(C)
Demand and supply are equal
(D)
Demand is lesser
Question-5
If demand increases at faster rate than the supply equilibrium price will
(A)
Increase
(B)
Decrease
(C)
Neither increase nor decrease
(D)
Constant
Question-6
________ a dominant role in determining equilibrium price in the short period.
(A)
Supply plays
(B)
Demand Plays
(C)
Demand and Supply play
(D)
Profit
Question-7
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-8
Secular price is fixed in the ________ period.
(A)
Very short
(B)
Short
(C)
Long
(D)
Very long
Question-9
Slope of supply curve is :
(A)
Negative
(B)
Positive
(C)
Both positive and negative
(D)
Parallel
Question-10
To maximize profit, a perfectly competitive firm should produce up to the output level where:
(A)
MR = MC
(B)
P = MR
(C)
P = MC
(D)
1 and 3 are correct
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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)
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