Quiz on Price determination in different markets

#1. A purely competitive firm’s supply schedule in the short run is determined by

#2. Stock exchange market is an example of

#3. Assume that when Price is ₹10, the quantity demanded is 5 units and when Price is ₹12 the quantity demanded is 4 units .Based on this information, what is the Marginal Revenue resulting from increase in output from 4 units to 5 units

#4. In the long-run equilibrium of a competitive market, firms operate at

#5. Which of the following is not a characteristic of a perfectly competitive market?

#6. Which of the following is not a condition of perfect competition?

#7. Average revenue is the revenue earned

#8. When price is less than average variable cost at the profit-maximising level of output, a firm should:

#9. Generally, perishable goods like butter, eggs, milk, vegetables etc., will have

#10. Sweezy’s Model explains the concept of price rigidity relating to following market form

#11. The structure of the cold drink industry in India is best described as

#12. Suppose the technology for producing personal computers improves and, at the same time, individuals discover new uses for personal computers so that there is greater utilisation of personal computers. Which of the following will happen to equilibrium price and equilibrium quantity?

#13. When e = 1 then MR is

#14. Under which of the following forms of market structure does a firm have no control over the price of its product?

#15. A Monopolist is a

#16. When e < 1 then MR is

#17. Which of the following is not a characteristic of a monopolistically competitive market?

#18. Which of the following statements is accurate regarding a perfectly competitive firm?

#19. Which of the following is not a characteristic of a competitive market?

#20. Total revenue =

#21. When the monopolist divides the consumers into separate sub markets and charges different prices in different sub-markets it is known as

#22. Agricultural goods markets depict characteristics close to

#23. Natural Monopoly arises when

#24. The market for the ultimate consumers is known as

#25. The condition for pure competition is

#26. Under monopoly, the degree of control over price is:

#27. Under _________________ the monopolist will fix a price which will take away the entire consumers’ surplus.

#28. The demand curve of a monopoly firm will be __________________

#29. Which is the first order condition for the profit of a firm to be maximum?

#30. In oligopoly, when the industry is dominated by one large firm which is considered as leader of the group, Then it is called:

#31. The long-run equilibrium outcomes in monopolistic competition and perfect competition are similar, because in both market structures

#32. Example of a commodity said to have an International Market.

#33. If firms in the toothpaste industry have the following market shares, which market structure would best describe the industry? qno 36 pgno 4.59

#34. Oligopolistic industries are characterized by:

#35. Which of the following is not a characteristic of a “price-taker”?

#36. When ______________________________, there will be allocative efficiency meaning thereby that the cost of the last unit is exactly equal to the price consumers are willing to pay for it and so that the right goods are being sold to the right people at the right price

#37. Monopolistic competition differs from perfect competition primarily because

#38. Which of the following markets would most closely satisfy the requirements for a perfectly competitive market?

#39. What is the shape of the demand curve faced by a firm under perfect competition?

#40. For market the essential condition is –

#41. In which form of the market structure is the degree of control over the price of its product by a firm very large?

#42. Price discrimination will be profitable only if the elasticity of demand in different sub-markets is

#43. Combination of Monopoly Market and Monopsony Market is called as:

#44. In Economics, the term ‘market’ refers to a:

#45. Which of the following is the distinguishing characteristic of oligopolies?

#46. When ________________________________, we know that the firms under perfect competition must be producing at the minimum point of the average cost curve and so there will be productive efficiency

#47. For a price-taking firm :

#48. When e > 1 then MR is

#49. Suppose that the demand curve for the XYZ Co. slopes downward and to the right. We can conclude that

#50. Assume that in the market for good Z there is a simultaneous increase in demand and the quantity supplied. The result will be :

#51. AR is also known as:

#52. Suppose that, at the profit-maximizing level of output, a firm finds that market price is less than average total cost, but greater than average variable cost. Which of the following statements is correct?

#53. One characteristic not typical of oligopolistic industry is

#54. With a given supply curve, a decrease in demand causes

#55. Under perfect competition, in the long run, there will be no ________________ .

#56. When the products are sold through a centralized body, oligopoly is known as

#57. Pure oligopoly is based on the ________________ products

#58. Monopoly may arise in a product market because

#59. When ________________________________ , we know that the firms are earning just normal profits

#60. Average revenue curve is also known as:

#61. Suppose that a sole proprietorship is earning total revenues of ` 1,00,000 and is incurring explicit costs of ` 75,000. If the owner could work for another company for ` 30,000 a year, we would conclude that :

#62. Price-taking firms, i.e., firms that operate in a perfectly competitive market, are said to be “small” relative to the market. Which of the following best describes this smallness?

#63. Under perfect competition a firm is the ___________

#64. Assume that when price is ` 20, the quantity demanded is 9 units, and when price is ` 19, the quantity demanded is 10 units. Based on this information, what is the marginal revenue resulting from an increase in output from 9 units to 10 units

#65. Which of the following statements is false?

#66. Price varies by attributes such as location or by Customer Segment is __________ degree of Price Discrimination.

#67. If the average cost is higher than the average revenue then the firm incurs _________________

#68. Price discrimination is related to

#69. Price discrimination is one of the features of ___________

#70. Price Discrimination cannot persist under the following market form:

#71. Discriminating monopoly implies that the monopolist charges different prices for his commodity:

#72. Assume that when price is ` 20, the quantity demanded is 15 units, and when price is ` 18, the quantity demanded is 16 units. Based on this information, what is the marginal revenue resulting from an increase in output from 15 units to 16 units?

#73. The firm in a perfectly competitive market is a price-taker. This designation as a price-taker is based on the assumption that

#74. Conditions for equilibrium of a firm are:

#75. Which of the following statements is incorrect?

#76. In the context of oligopoly, the kinked demand hypothesis is designed to explain

#77. Marginal Revenue is equal to:

#78. Suppose a firm is producing a level of output such that MR > MC, what should be firm do to maximize its profits?

#79. Which of the following statements is correct?

#80. Marginal revenue can be defined as the change in total revenue resulting from the:

#81. Average revenue is equal to

#82. At price P1, the firm in the figure would produce QNO 75 PGNO 4.64

#83. If supply increases in a greater proportion than demand

#84. Which of the following is not an essential condition of pure competition?

#85. A firm encounters its “shutdown point” when:

#86. The market for hand tools (such as hammers and screwdrivers) is dominated by Draper, Stanley, and Craftsman. This market is best described as

#87. The firm and the industry are one and the same in _______________

#88. In a very short period market:

#89. In the table below what will be equilibrium market price? qno 1 pgno 4.53

#90. Secular period is also known as

#91. A market structure in which many firms sell products that are similar but not identical is known as

#92. Stock Exchange is example of ________ Market:

#93. Assume that consumers’ incomes and the number of sellers in the market for good A both decrease. Based upon this information, we can conclude, with certainty, that the equilibrium:

#94. Which of the following is not a characteristic of monopolistic competition?

#95. It is assumed in economic theory that

#96. When an oligopolist individually chooses its level of production to maximize its profits, it charges a price that is

#97. The kinked demand curve model of oligopoly assumes that

#98. Which of the following statements is incorrect?

#99. AR can be symbolically written as:

#100. The structure of the toothpaste industry in India is best described as

#101. Time element was conceived by

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