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11th Economics Monthly Test - 2 ( Market Structure and Pricing )

MABS Institution

11th Economics Monthly Test - 2 ( Market Structure and Pricing )-Aug 2020

Time : 2.30 Hours

Part - A

Multiple Choice Question - Answer All Question

TFC curve remains parallel to X-axis indicating a _________ line.

vertical line
horizontal line
equal
straight line

Cost function are derived function. They are derived form ...................

demand function
supply function
cost analysis
production function.

Under perfect competition, the shape of demand curve of a firm is ___________

Vertical
Horizontal
Negatively sloped
Positively sloped

Another name of price is _________

Average Revenue
Marginal Revenue
Total Revenue
Average cost

Implicit costs are also known as .................... cost.

Notional
Opportunity
Imputed
All of these

Costs which involve payment made by the entrepreneur to provide for other factors of production are called .................cost.

Explicit
Implicit
Variable
Fixed

The average revenue curve under monopolistic competition will be ____________

Perfectly inelastic
Perfectly elastic
Relatively elastic
Unitary elastic

In monopolistic competition, the essential feature is ____________

Same product
Selling cost
Single seller
Single buyer

Equilibrium condition of a firm is ___________

MC=MR
MC>MR
MC < MR
MR = Price

Very short period is also called ________ period

Long Period
Short Period
Market Period
None of these

Part - B

Generic 2 - Answer All Question

What is 'Bilateral Monopoly'?

What is meant by Total Revenue?

Write a short note on AFCand AVC.

What does 'Average Fixed Cost' refer to ?
Define Opportunity cost?

Define - Total cost.

Point out the essential features of the pure competition

Part - C

Generic 3 - Answer All Question

Bring out the distinction between short run and long run.

Specify the nature of entry of competitors in perfect competition and monopoly.

Explain briefly Marginal cost with a suitable diagram.

State the features of duopoly.

Distinguish between Sunk Cost and Floating Cost.
What are the types of price discrimination? Explain?

Explain Average cost with the help of a diagram.

Part - D

Generic 5 - Answer All Question

Relationship between TR, AR, MR and Elasticity of demand.

Describe the features of oligopoly.

Discuss the short run cost curves with suitable diagram?

Bring out the features of perfect competition.

If total cost = 10+ Q³, find out AC, AVC, TFC, AFC when Q = 5.

Define Total Revenue and Explain its behaviour when. the price is constant and when the price is declining.

Explain the short run Average Cost curves with suitable diagrams.

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