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11th Economics Weekly Test - 3 ( Market Structure and Pricing )

MABS Institution

11th Economics Weekly Test - 3 ( Market Structure and Pricing )-Aug 2020

Time : 1.00 Hours

Part - A

Multiple Choice Question - Answer All Question

_________ refers to the total, cost borne by the society.

Opportunity cost
Floating cost
Social cost
Real cost

Different prices are changed for different individuals in ______ price discrimination.

Personal
Geographical
On the basis of use
All of these

The objective of a firm is to earn ___________ .

profit
loss
factors of production
market

Costs which do not involve any cash payment to outsiders are called .................. cost.

Explicit
Implicit
Variable
Fixed

A cost function deals with ..............

total cost
cost per unit
either (a) or (b)
neither (a) or (b)

Group equilibrium is analysed in ____________

Monopolistic competition
Monopoly
Duopoly
Pure competition

Imperfect competition was propounded in England by _________

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

Which of the following correctly matched?

Floating cost - next best alternative
Money cost - retrospective cost
Sunk cost - economic cost
Real cost - pains and sacrifice'

All expenses that are directly associated with business activities but not with asset creation are known as______________

Floating cost
Fixed cost
Variable cost
Average cost

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

vertical line
horizontal line
equal
straight line

_______ is also called as international price discrimination.

Oligopoly
Dumping
Duopoly
Monopoly

Group of the firm is known as _________

Firm
Industry
Market
None of these

Another name of price is _________

Average Revenue
Marginal Revenue
Total Revenue
Average cost

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

Vertical
Horizontal
Negatively sloped
Positively sloped

The LAC curve is derived from __________ average cost curves.

short run
TC
MC
All the above

There is no excess capacity under _________

Monopoly
Monopolistic competition
Oligopoly
Perfect competition

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

Accounting
Total
Economic
Direct

MC=MR is ___________

Price
Equilibrium
Demand
Revenue

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

demand function
supply function
cost analysis
production function.

In which market form does, an absence of competition prevail?

Perfect competition
Monopoly
Duopoly
Oligopoly

When TC_n = Rs. 1600, TC_n+1 = Rs. 1900 then MC=___________

Rs. 3500
Rs. 300
Rs. 1600/1900
Rs. 600

The additional revenue obtained by selling one more unit of output.

MR
AR
TR
None

__________ is called as Boat Shape curve (or) Envelop curve.

LAC curve
SAC curve
Total cost curve
Marginal cost curve

When marginal revenue is positive total revenue __________ .

less
falls
rises
equal

_______ is the example of the monopoly market.

Electricity Board
LIC
Bank
Automobile Industry

Addition made to total cost due to change in output by one more unit is called ..............cost.

Average
Total
Average variable
Fixed

The cost that a firm incurs in hiring or purchasing any factor of production is referred to as .................. cost.

Explicit
Implicit
Variable
Fixed

Total cost is the sum___

Average cost
Marginal cost
Total fixed cost and total variable cost
Variable cost

What is Brenk erent point

Equilibrium
No - Profit No - Loss Point
Both
None

Which of the following is a feature of monopolistic competition?

One seller
Few sellers
Product differentiation
No entry

Which of the following is an example of an explicit cost?

The wages proprietor could have made by working as an employee of a large firm
The income that could have been earned in alternative uses by the resources owned by the firm
The payment of wages by the firm
The normal profit earned by a firm

Find out the Real Cost

Workers in foregoing leisure
Land and building
Payment of wages
Alternative foregone

Under perfect competition, there is ___________ price prevails in the market.

High price
Low price
Uniform price
None of these

An implicit cost can be defined as the ..................

payment to the non-owners of the firm for the resources they supply
money payment which the self employed resources could have earned in their best alternative employment
costs which the firm incurs but does not disclose
costs which do not change over a period of time

__________ market in which there are two sellers.

Monopoly
Duopoly
Oligopoly
Monopolistic competition

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