ECONOMICS QUIZ

Market is

• place where buyers meet sellers

• Mandi /bazar

• Is a situation where optimum customers meet optimum sellers

• online market

Perfect competitive market is

• price taker

• huge no. of buyer and huge no.f sellers

• single seller and single buyer

• marginal revenue is more than marginal cost

perfect market has

• homogeneous product

• heterogeneous goods

• special goods

• only industrial goods

from the following ________________________market is an example of perfect competitive market .

• vegetable market

• fruit market

• panipuri market

• All the above

______________is a factor to determine type of market

• income of consumer

• quantity of goods produced

• size of business firm

• freedom of entry and exit of the firm

perfect mobility of resources possible

• monopoly market

• monopolistic market

• perfect competitive market

• oligopoly

there is absence of transportation cost in

• monopolistic competitive market

• monopsony

• oligopsony

• perfect competitive market

In which form of market AR=MR

• Monopoly

• Oligopoly

• Perfect competition

• Monopolistic competition

Under perfect competition firm's demand curve is

• Upward sloping

• Downward sloping

• Horizontal line

• Vertical line

In the long run a perfect competitive firm enjoys

• Normal profit

• Abnormal profit

• Abnormal loss

• All of these