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
Monopolist can determine
  • A
    None of above
  • B
    Price
  • C
    Output
  • D
    Either price or output
    Correct
2
Monopolist can fix higher price of goods whose elasticity is
  • A
    More than 1
  • B
    Less than 1
  • C
    Inelastic
    Correct
  • D
    Elastic
3
The price discrimination under monopoly will be possible under which of the following conditions
  • A
    The market has the same condition all over
  • B
    The price elasticity of demand is uniform
  • C
    The price elasticity of demand is different in different markets
    Correct
  • D
    The seller has no control over the supply of his product
4
Price discrimination is possible only when the
  • A
    Seller is alone
    Correct
  • B
    None of above
  • C
    Market is controlled by the government
  • D
    Goods are homogeneous
5
Price rigidity is situation found in which of the following market forms?
  • A
    Monopolistic competition
  • B
    Oligopoly
    Correct
  • C
    Perfect competition
  • D
    Monopoly
6
In the long run a monopolist can:
  • A
    Earn only normal profits
  • B
    Shut-down
  • C
    Incur losses
  • D
    Earn super normal profits
    Correct
7
In monopoly market cross-elasticity of demand is:
  • A
    Inelastic
  • B
    None of above
  • C
    Zero
    Correct
  • D
    Elastic
8
Pure oligopoly is based on the _____________ products.
  • A
    Homogeneous
    Correct
  • B
    Differentiated
  • C
    None of above
  • D
    Unique product
9
The demand curve of which of the following forms cannot be determined
  • A
    Oligopoly
    Correct
  • B
    Monopoly
  • C
    Perfect Competition
  • D
    Duopoly
10
The reason for indeterminate demand curve is due to non price competition.It is
  • A
    None of these
  • B
    Can’t say
  • C
    1
    Correct
  • D
    False
11
A firm under perfect competition is a price taker not a price maker due to
  • A
    Supply of rare goods by all sellers
  • B
    Supply of differentiated goods by all sellers
  • C
    Supply of identical goods by all sellers
    Correct
  • D
    Greater belief in the market forces
12
Monopoly and perfect competition can be distinguished on the basis of
  • A
    Existence of cartels
  • B
    Interdependence
  • C
    Goods differentiation
  • D
    No.of sellers
    Correct
13
The feature of monopolistic competition that is monopolist in nature is the
  • A
    single seller of a brand
    Correct
  • B
    Homogeneous goods
  • C
    Differentiated goods
  • D
    Many sellers
14
One of the reasons which give emergence to the monopoly market is
  • A
    Many sellers
  • B
    Differentiated goods
  • C
    Supply of rare goods by all sellers
  • D
    Political barriers
    Correct
15
The monopolist’s profit is maximized at that level of output for which
  • A
    MR is minimum
  • B
    MR is maximum
  • C
    TR is the maximum
    Correct
  • D
    TR is minimum