Bihar Board Class 12 (Commerce) Forms of Market and Price Determination — practice questions
55 free MCQs with worked solutions. Tap any question for the answer + explanation, or practice them all in the app.
Practice Bihar Board Class 12 (Commerce) Forms of Market and Price Determination in the app →How many sellers does a monopoly market have?In which market structure does pricing control rest with a few sellers?Under perfect competition, the products of different sellers are:A firm in perfect competition is a:In long-run perfect competition, firms earn only:A profit-maximising firm in perfect competition sets price equal to:Allocative efficiency in perfect competition occurs where:Butter and margarine are an example of:Perfect competition assumes that buyers and sellers have:An individual seller in perfect competition cannot change the price because:Which kind of firm has no supply curve because it is not a price taker?A profit-maximising monopolist chooses output where:A monopolist is best described as a:Which index is used to estimate the market power of a firm?Falling unit costs at larger output are called:A pure monopolist sells a good that has:The lack of substitutes makes demand for a monopolist's product:The demand curve a monopolist faces is the:If a monopolist raises its price, its sales volume will:A discriminating monopolist sells at a lower price in the market with:Charging different buyers different prices for the same good is:Heavy capital needs that limit the number of firms act as a:How many basic market structures does traditional analysis recognise?Which market structure has many sellers of differentiated products?A firm in monopolistic competition earns only what in the long run?Advertising and publicity expenses of a firm are called:Entry and exit in monopolistic competition are:New firms enter a monopolistically competitive market when existing firms earn:Firms suffering losses in monopolistic competition tend to:Cross price elasticity between goods in monopolistic competition is:Higher fixed costs lead a monopolistically competitive market to support:At its best output, a monopolistically competitive firm sets price:Unused installed capacity under monopolistic competition is called:Competition based on subtle product differentiation is called:A distinctive feature of oligopoly is:Oligopolistic firms often resort to which practice to raise profits?An organisation of sellers agreeing on price, output and market share is a:Cartels are often unstable because members tend to:In a pure oligopoly, the firms' products are:Imperfect oligopoly is also known as:Prominent entry barriers define which type of oligopoly?One firm dominating an oligopolistic industry marks a:An oligopoly with no price leader and similar market control is:The four-firm concentration ratio measures the share held by:Why do oligopolies often prefer promotional efforts to price cuts?Which sector is commonly cited as oligopolistic?Many countries treat collusion among sellers as:A monopolist whose revenue exceeds its costs earns:Normal profit is counted as part of a firm's:Economic profit in perfect competition attracts:In a monopoly, the firm and the industry are:Interdependent oligopolists are generally reluctant to:Oligopolists can earn abnormal profits in the long run mainly because of:Who published The Economics of Imperfect Competition in 1933?Monopolistic competition produces what kind of products?