Quiz on Non-competitive Markets

Which of the following statements is not a feature of imperfect competition?

• Imperfect competition has a large number of sellers

• Imperfect competition has a single seller

• The products manufactured under monopolistic competition are homogeneous in nature

• The products manufactured under monopolistic competition are heterogeneous in nature

Which of the following statements is true about a monopolist?

• A monopolist is a price acceptor

• A monopolist is a price maker

• A monopolist is a price setter

• A monopolist is a price taker

Which of the following statements is true?

• In perfect competition, the firm and industry both are one and the same

• In monopoly, the firm and industry both are one and the same

• In oligopoly, the firm and industry both are one and the same

• In monopolistic competition, the firm and industry both are one and the same

Which of the following statements is true?

• A market with two firms is known as a monopoly

• A market with two firms is known as a duopoly

• A market with two firms is known as an oligopoly

• A market with two firms is known as perfect competition

Which of the following statements is true?

• A firm has no control over the price of its product under an oligopoly

• A firm has no control over the price of its product under monopolistic competition

• A firm has no control over the price of its product under perfect competition

• A firm has no control over the price of its product under a monopoly

Which of the following statements about the monopoly market structure is true?

• Under monopoly, the total revenue is maximized when marginal revenue is greater than zero

• Under monopoly, the total revenue is maximized when marginal revenue is equal to zero

• Under monopoly, the total revenue is maximized when marginal revenue is less than zero

• Under monopoly, total revenue is constant

Which of the following statements is correct?

• Price discrimination is one of the main features of monopolistic competition

• Price discrimination is one of the main features of monopoly

• Price discrimination is one of the main features of oligopoly

• Price discrimination is one of the main features of perfect competition

Which of the following statements is accurate?

• Oligopoly is a market that has a few large firms

• Monopoly is a market that has a few large firms

• Duopoly is a market that has a few large firms

• Perfect competition is a market that has a few large firms

Which of the following statements is correct?

• The concept of a supply curve is relevant only in the case of oligopoly

• The concept of a supply curve is relevant only in the case of duopoly

• The concept of a supply curve is relevant only in the case of monopoly

• The concept of a supply curve is relevant only in the case of perfect competition

Which of the following characteristics of monopolistic competition is true?

• It has a relatively large number of sellers in the market

• It involves a product differentiation

• The products manufactured under monopolistic competition are homogeneous in nature

• It allows ease of entry into the market