Top 1000+ Solved Fundamentals of Economics and Management MCQ Questions Answer
Q. Oligopoly market is known for ……………..
a. Price flexibility
b. Price rigidity
c. Price discrimination
d. All the three
Q. In a competitive market ………. is the price maker
a. Firm
b. Industry
c. Consumer
d. Trade association
Q. In a competitive market ……………….. is the price taker
a. Firm
b. Industry
c. Consumer
d. Trade association
Q. Which of them is a characteristic of a price taker
a. MR = Price
b. AR = MR
c. TR = PXQ
d. All the three
Q. In question No. 348. What is the equilibrium quantity of demand and supply
a. 2525
b. 2600
c. 2650
d. 2725
Q. Under perfect market conditions an Industry is said to be in equilibrium where
a. Total output is equal to total demand
b. Profit is maximum
c. Where the total revenue is maximum
d. Where total average cost is the minimum
Q. Under perfect market conditions a firm is said to be in equilibrium where
a. Total output is equal to total demand
b. Profit is the maximum
c. Where the total revenue is maximum
d. Where total average cost is the minimum
Q. Under perfect market conditions the supply curve of a firm is represented by
a. MC curve
b. MR curve
c. AR curve
d. AC curve
Q. Long-term equilibrium of an Industry under a perfectly market conditions in achieved when
a. All the firms are earning normal profit
b. All the firms are in equilibrium
c. There is no further entry or exit of firms from the industry
d. All the three
Q. Which of the following statement is true
a. In perfect competition Average and Marginal revenue are identical
b. In perfect competition Average and Marginal cost are identical
c. In perfect competition Average price and Marginal cost are identical
d. In perfect competition only normal profit can be earned by a firm
Q. For a monopoly firm market demand curve is
a. Marginal revenue curve itself
b. Average Revenue curve itself
c. Marginal cost curve
d. None
Q. Which of the following statement is true
a. For a monopoly firm AR can be zero
b. For a monopoly firm MR can be zero or even negative
c. For monopoly firm MR and AR are identical
d. For a monopoly firm MR and AR are positive sloped
Q. For a monopoly firm the MR Curve
a. Overlaps AR curve
b. Is above the AR curve
c. Lies half way between AR curve and the Y axis
d. Is same as AR curve
Q. A monopoly is characterized by
a. Limited entry and exit opportunity
b. Single supplier
c. Few customers
d. All the three
Q. Which of the following faces a downward sloping demand curve
a. Firm in a competitive market
b. Firm in a monopoly market
c. Both
d. None