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11th Economics Weekly Test - 1 ( Market Structure and Pricing )

MABS Institution

11th Economics Weekly Test - 1 ( Market Structure and Pricing )-Aug 2020

Time : 1.30 Hours

Part - A

Multiple Choice Question - Answer All Question

Imperfect competition was propounded in England by _________

Mrs. Joan Robinson
E.H. Chamberlin
Marshall
Adam Smith

Another name of price is _________

Average Revenue
Marginal Revenue
Total Revenue
Average cost

In monopolistic competition, the essential feature is ____________

Same product
Selling cost
Single seller
Single buyer

In monopoly, MR curve lies below ____________

TR
MC
AR
AC

Identify the formula of estimating total cost.

TC/Q
TFC + TVC
TVC/Q
AFC/Q

The objective of a firm is to earn ___________ .

profit
loss
factors of production
market

MC_n is a

TR - TC
TFC + TVC
TC_n- TC_n-1
All the above

Average cost is a

Cost per unit
TR - TC
MC_n
All the above

Long run average cost curve is ______shaped curve.

Downward sloping curve
Upward sloping curve
Straight line
Flatter 'U' shaped curve

Explicit cash payments made by an entrepreneur to the suppliers of various factors of production come under ..............cost.

Accounting
Total
Economic
Direct

Part - B

Generic 2 - Answer All Question

Write the sources of monopoly power.
What does 'Average Fixed Cost' refer to ?

What is selling cost?

State the relationship among TR, AR and MR curves.

Who introduced imperfect competition?

Part - C

Generic 3 - Answer All Question

State the significant recent development in cost theory.

State the relationship between AC and MC.

State the features of duopoly.

State the meaning of selling cost with an example.
Describe the degrees of price discrimination.

Part - D

Generic 5 - Answer All Question

Explain the comparison among the features of various markets.

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

Explain the Total Revenue with the help of Diagram.
Explain various costs incurred by the firm.

If the total cost = 100 + Q³, find out AVC, AC, TFC,AFC and TVC when Q = 10.

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