Please refer to Non-Competitive Markets MCQ Questions Class 12 Economics below. These MCQ questions for Class 12 Economics with answers have been designed as per the latest NCERT, CBSE books, and syllabus issued for the current academic year. These objective questions for Non-Competitive Markets will help you to prepare for the exams and get more marks.
Non-Competitive Markets MCQ Questions Class 12 Economics
Please see solved MCQ Questions for Non-Competitive Markets in Class 12 Economics. All questions and answers have been prepared by expert faculty of standard 12 based on the latest examination guidelines.
MCQ Questions Class 12 Economics Non-Competitive Markets
Question. Which of the following is not the feature of an imperfect competition?
(a) Large number of buyers
(b) Single seller
(c) Homogeneous products
(d) Price maker
Answer
C
Question. The firm and the industry are one and the same in:
(a) Monopolistic competition
(b) Monopoly
(c) Duopoly
(d) Oligopoly
Answer
B
Question. Market which has two firms is known as
(a) Duopoly
(b) Monopolistic Competition
(c) Oligopoly
(d) None of These
Answer
A
Question. Oligopoly having identical products is known as
(a) Pure oligopoly
(b) Collusive oligopoly
(c) Independent oligopoly
(d) None of above
Answer
A
Question. Which market have characteristic of product differentiation
(a) Monopolistic competition
(b) Oligopoly
(c) Monopoly
(d) Perfect competition
Answer
A
Question. Suppose that the demand curve for the XYZ Co. slopes downward and to the right. We can conclude that
(a) The firm operates in a perfectly competitive market.
(b) The firm can sell all that it wants to at the established market price.
(c) The XYZ Co. is not a price taker in the market because it must lower the price to sell additional units of output.
(d) The XYZ Co. will not be able to maximise profits because price and revenue are subject to change.
Answer
C
Question. The firm and the industry are one and the same in————-.
(a) perfect competition
(b) monopolistic competition
(c) duopoly
(d) monopoly
Answer
D
Question. Pure oligopoly is based on the————– products.
(a) differentiated
(b) homogeneous
(c) unrelated
(d) None of these
Answer
B
Question. In perfect competition, when the marginal revenue and marginal cost are equal, profit is?
(a) Zero
(b) Average
(c) Maximum
(d) Negative
Answer
C
Question. In monopolistic competition, which of the following curves generally lies below the demand curve and slopes downward?
(a) Marginal cost
(b) Average cost
(c) Average revenue
(d) Marginal revenue
Answer
D
Question. Cartels exist in
(a) Oligopoly
(b) Duopoly
(c) Monopoly
(d) Perfect Competition
Answer
A
Question. A monopolist is a price
(a) Acceptor
(b) Taker
(c) Giver
(d) Maker
Answer
D
Question. Which of the following is not a characteristic feature of imperfect competition?
(a) Prices vary from seller to seller
(b) All the products are homogeneous
(c) Profits of the seller is included in the price
(d) None of above
Answer
B
Question. Monopolistic competition differs from perfect competition primarily becaus—
(a) in monopolistic competition firms can differentiate their products.
(b) in perfect competition firms can differentiate their products.
(c) in monopolistic competition entry into the industry is blocked.
(d) in monopolistic competition there are relatively few barriers to entry.
Answer
A
Question. Under which one of the following forms of market structure does a firm have no control over the price of its product?
(a) Monopoly
(b) Monopolistic competition
(c) Oligopoly
(d) Perfect competition
Answer
D
Question. Oligopoly having identical products is known as
(a) Pure oligopoly
(b) Collusive oligopoly
(c) Independent oligopoly
(d) None of above
Answer
A
Question. Differentiated products is a characteristic of
(a) Monopolistic competition only
(b) Oligopoly only
(c) Both Monopolistic competition & Oligopoly
(d) Monopoly
Answer
C
Question. a. In monopoly:
(a) There are many producers
(b) There is no seller
(c) There is no buyer
(d) There is single seller
Answer
D
Question. In the monopolistic market, which curves lie below the demand curve and slopes downward?
(a) Marginal cost
(b) Average cost
(c) Average revenue
(d) Marginal revenue
Answer
A
Question. Cartels exist in.
(a) Oligopoly
(b) Duopoly
(c) Monopoly
(d) Perfect competition
Answer
C
