CBSE Class 11 Economics Market Equilibrium Quiz 1

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CBSE › Class 11 › Economics › Market Equilibrium

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1. Which is a characteristic of the market ?

A One Area B Presence of both Buyers and Sellers C Single Price of the Commodity D All the above

2. Which is a basic for the classification of the market ?

A Perfect Competition B Zero Competition (Monopoly) C Imperfect Competition D All the above

3. Which of the following is a feature of perfect competition ?

A Large Number of Buyers and Sellers B Homogeneous Units of the Product C Perfect Knowledge of the Market D All the above

4. In which market product differentiation is found ?

A Pure Competition B Perfect Competition C Monopoly D Monopolistic Competition

5. Which of the following is true in perfect competition ?

A Firm is price-taker, not price-maker B Firm’s demand curve is perfectly elastic C AR = MR D All the above

6. Which one is a feature of monopoly ?

A Single Seller and Many Buyers B Lack of Close Substitutes C Restrictions of New Firm entry D All of these

7. Which one of the following is true for monopoly ?

A Firm is price-maker B Demand curve slopes downward C Price discrimination possibility arises D All the above

8. Which one is a feature of monopolistic competition ?

A Differentiated Product B Selling Cost C Imperfect Knowledge of the Market D All the above

9. A market in which there is free entry and exit, the market is:

A Monopolistic Competitive Market B Imperfect Competitive Market C Perfectly Competitive Market D None of these

10. What does a monopolist market show ?

A Production process B Distribution system C Nature of market D None of these

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