Non-Competitive Markets CBSE Questions & Answers

Non-Competitive Markets

This is Economics Class 12 Non-Competitive Markets CBSE Questions & Answers. There are 15 questions in this test with each question having around four answer choices.

Questions & Answers

1
A firm earns normal profit earlier than abnormal profits in the short run.The statement is
  • A
    Can’t say
  • B
    False
  • C
    None of these
  • D
    1
    Correct
2
A firm earns normal profit earlier than normal loss in the short run.The statement is
  • A
    0
    Correct
  • B
    Can’t say
  • C
    True
  • D
    None of these
3
A firm earns normal profit before break even in the short run.The statement is
  • A
    None of these
  • B
    0
    Correct
  • C
    True
  • D
    Can’t say
4
The break-even price for a firm is same as the breakeven point.It is
  • A
    True
  • B
    Can’t say
  • C
    0
    Correct
  • D
    None of these
5
The break-even point for a firm determines the breakeven price.It is
  • A
    None of these
  • B
    Can’t say
  • C
    1
    Correct
  • D
    False
6
The value of the MR when the demand curve is elastic
  • A
    Remains Variable
  • B
    Is infinity
  • C
    Is zero
  • D
    Remains fixed
    Correct
7
The average revenue is a declining curve if and only if MR<AR.
  • A
    None of these
  • B
    True
    Correct
  • C
    Can’t say
  • D
    False
8
The steeper is the negatively sloped demand curve, the further below is the marginal revenue curve.
  • A
    None of these
  • B
    Can’t say
  • C
    True
    Correct
  • D
    False
9
The demand curve is elastic when marginal revenue has a positive value, and inelastic when the marginal revenue has a negative value.
  • A
    True
    Correct
  • B
    Can’t say
  • C
    None of these
  • D
    False
10
If the monopoly firm has zero or only has fixed cost, the quantity supplied in equilibrium is where MR is Zero.
  • A
    True
    Correct
  • B
    None of these
  • C
    Can’t say
  • D
    False
11
In a perfect competition a seller would supply an equilibrium quantity where AR is maximum.
  • A
    None of these
  • B
    Can’t say
  • C
    True
  • D
    False
    Correct
12
Equilibrium of a monopoly firm is where MR = MC and MC is rising.
  • A
    False
  • B
    None of these
  • C
    True
    Correct
  • D
    Can’t say
13
Positive short run profit to a monopoly firm continue in the
  • A
    Short run
  • B
    Long run.
    Correct
  • C
    Very short run
  • D
    None of these
14
Oligopoly in a commodity market occurs when there are a small number of firms producing a homogenous commodity.
  • A
    False
  • B
    None of these
  • C
    Can’t say
  • D
    True
    Correct
15
In monopoly, the goods are
  • A
    Heterogeneous
  • B
    Differentiated
  • C
    Durable
  • D
    Homogeneous
    Correct