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Question-1
In case of _________ market the policy of product differentiation is adopted by producers.
(A)
Perfect Competition
(B)
Imperfect Competition
(C)
Short Period
(D)
Very short Period
Question-2
Classifying market as open market and black market is based upon
(A)
Competition
(B)
Time Period
(C)
Legality
(D)
Area
Question-3
In a perfectly competitive market ________ price of a commodity prevails.
(A)
Different
(B)
Uniform
(C)
Very high
(D)
Very low
Question-4
Market of gold and silver is _________ market.
(A)
Short Period
(B)
Long Period
(C)
Very long Period
(D)
International
Question-5
A monopolist will determine very ________ price for a commodity having inelastic demand.
(A)
High
(B)
Low
(C)
Normal
(D)
Constant
Question-6
Which of the following statements about price taker is false?
(A)
They include monopolistic competitors and monopolists
(B)
They can always raise their prices and still retain some customers
(C)
They may set different prices in the short run and in the long run
(D)
We do not analyse them using diagrams with supply and demand curve
Question-7
Which of the following statement about price leadership is false?
(A)
Price leadership is a form of tacit collusion
(B)
With dominant price leadership the leader in an industry is the biggest firm
(C)
With barometric price leadership the leader may change even if the relative size of each firm stays the same
(D)
Price leadership breaks down if input prices or demand conditions change
Question-8
In ________ market there are two sellers of the commodity.
(A)
Perfect Competition
(B)
Monopoly
(C)
Duopoly
(D)
Oligopoly
Question-9
A firm can fix independent price under _________ market.
(A)
Perfect Competition
(B)
Pure Competition
(C)
Imperfect Competition
(D)
Monopoly
Question-10
Which of the following statements about a firm which is a price taker is false?
(A)
The firm will sell its product at the going market price
(B)
The demand curve faced by the firm is downward sloping
(C)
The demand curve faced by the firm is horizontal even though the market demand curve is downward sloping
(D)
The firm would sell nothing if it set a higher price than the market price
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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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