MCQ Economics Class 12 Chapter 5 Market Equilibrium Microeconomics Advertisement MCQ’s For All Chapters – Microeconomics Class 12th 1. The period of time, when supply is fully adjusted to change in demand is called:Short – periodVery short- periodMid-periodlong- periodQuestion 1 of 162. Market supply curve of perishable goods is a vertical straight line parallel to Y- axis. It happens in which of the following periods?Long- periodShort – periodVery short- periodMarket- periodQuestion 2 of 163. What would price ceiling lead to when the maximum price is fixed lower than the equal price?Excess demandExcess supplyDeficient demandDeficient supplyQuestion 3 of 164. If demand for a product falls, equilibrium price will :FallRiseEither of the twoNeither of the twoQuestion 4 of 165. The market price is related to:Short periodVery short periodLong periodVery long periodQuestion 5 of 166. Which is a characteristic of the market ?One AreaPresence of both Buyers and SellersSingle Price of the CommodityAll the aboveQuestion 6 of 167. Which of the following is a feature of perfect competition ?Large Number of Buyers and SellersHomogeneous Units of the ProductPerfect Knowledge of the MarketAll the aboveQuestion 7 of 168. Which of the following is true in perfect competition ?Firm is price-taker, not price-makerFirm’s demand curve is perfectly elasticAR = MRAll the aboveQuestion 8 of 169. Which one of the following is true for monopoly ?Firm is price-makerDemand curve slopes downwardPrice discrimination possibility arisesAll the aboveQuestion 9 of 1610. A market in which there is free entry and exit, the market is:Monopolistic Competitive MarketImperfect Competitive MarketPerfectly Competitive MarketNone of theseQuestion 10 of 1611. Price discrimination is found in which market ?Pure CompetitionPerfect CompetitionMonopolyMonopolistic CompetitionQuestion 11 of 1612. Market situation where there is only one buyer is:MonopolyMonopsonyDuropolyNone of theseQuestion 12 of 1613. Which of the following is not a feature of perfect competition ?Large number of buyers and sellersHomogeneity of productAdvertisement and selling costPerfect knowledge of the marketQuestion 13 of 1614. Which factor determines Equilibrium Price ?Demand for CommoditySupply of CommodityBoth (a) and (b)None of the aboveQuestion 14 of 1615. Price of a commodity is determined at a point where :Demand exceedsSupply exceedsDemand equals supplyNone of theseQuestion 15 of 1616. Who gave the concept of ‘Time Element’ in price determination process ?RicardoWalrasMarshallJ. K. MehtaQuestion 16 of 16 Loading...
Leave a Reply