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ICSE Class 10 Markets and Theory of Supply — practice questions — page 4

Explore 144 free Markets and Theory of Supply questions in ICSE Class 10 Economics. Open each question or exercise to read its content, reference answers and available explanation.

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Markets and Theory of Supply questions and exercises with answers

Showing questions 91–120 of 144.

Match time horizon: 1. Plant: p. Limited 2. Low Q: q. High PES 3. High Q: r. Low PESRead the answer and worked solution →Match joint supply: 1. Cattle: p. Primary 2. Beef: q. Meat cut 3. Leather: r. CowhideRead the answer and worked solution →Match monopoly rule: 1. Mono: p. No curve 2. Comp: q. Has curve 3. Taker: r. Set priceRead the answer and worked solution →Match slope formula: 1. Slope: p. dP by dQ 2. Elast: q. Pct ratio 3. Form: r. MultipliedRead the answer and worked solution →Match gold scarcity: 1. Gold: p. Rare metal 2. Ore: q. Fixed cap 3. PES: r. InelasticRead the answer and worked solution →Match LDMR returns: 1. LDMR: p. Law shape 2. SRMC: q. Cost curve 3. Extra: r. DiminishRead the answer and worked solution →Match market types: 1. Perf: p. Many firms 2. Mono: q. One firm 3. Oligo: r. Few firmsRead the answer and worked solution →Match price role: 1. Taker: p. Pure comp 2. Maker: q. Monopoly 3. Setter: r. MC firmRead the answer and worked solution →Match product forms: 1. Pure: p. Same goods 2. Brand: q. Different 3. Single: r. UniqueRead the answer and worked solution →Match entry traits: 1. Free: p. Open entry 2. Block: q. High wall 3. Ease: r. Zero sunkRead the answer and worked solution →Match duopoly form: 1. Duopoly: p. Two cos 2. Power: q. Big share 3. Type: r. OligopolyRead the answer and worked solution →Match info access: 1. Open: p. Data 2. Secret: q. None 3. Gaps: r. ImperfectRead the answer and worked solution →Match MC features: 1. Count: p. Many 2. Product: q. Varied 3. Barriers: r. NoneRead the answer and worked solution →Match mono traits: 1. Single: p. One firm 2. Threat: q. Minimal 3. Price: r. SetRead the answer and worked solution →Match rigidity rule: 1. Rigid: p. Set price 2. Rivals: q. Checked 3. Wars: r. AvoidedRead the answer and worked solution →Match game theory: 1. Game: p. Strategic 2. Firms: q. Mutual 3. State: r. BalanceRead the answer and worked solution →Match normal profit: 1. Net: p. Zero 2. Long run: q. Normal 3. Profit: r. NormalRead the answer and worked solution →Match shut logic: 1. Price: p. Below AVC 2. Fixed: q. Retained 3. Step: r. CloseRead the answer and worked solution →Match substitute rank: 1. Pure: p. Identical 2. Close: q. MC goods 3. Unique: r. No rivalRead the answer and worked solution →Match profit rule: 1. Profit: p. MC eq MR 2. Range: q. Elastic 3. Gain: r. ExcessRead the answer and worked solution →Match price disc: 1. Price: p. Alter 2. Elast: q. Lower 3. Inelast: r. HigherRead the answer and worked solution →Match scale monopoly: 1. Scale: p. Natural 2. Costs: q. Fixed 3. Unit C: r. FallsRead the answer and worked solution →Match market rank: 1. Most: p. Pure comp 2. Oligo: q. Middle 3. Least: r. MonopolyRead the answer and worked solution →Match welfare gain: 1. Social: p. Surplus 2. Perfect: q. Highest 3. Monopoly: r. LowestRead the answer and worked solution →Match perf price: 1. Price: p. Equal MC 2. MR: q. Equal price 3. Rule: r. Optimal PRead the answer and worked solution →Match share MC: 1. Share: p. Small 2. Action: q. Slight 3. Rival: r. No clashRead the answer and worked solution →Match excess plant: 1. Plant: p. Excess 2. Output: q. Sub-opt 3. Space: r. IdleRead the answer and worked solution →Match first disc: 1. First: p. Type 1 2. Buyer: q. Zero gain 3. Firm: r. Takes allRead the answer and worked solution →Match entry barrier: 1. Asset: p. Economic 2. Patent: q. Legal 3. Limit: r. PlannedRead the answer and worked solution →Match mobility term: 1. Factor: p. Mobile 2. Cost: q. Costless 3. Labour: r. MobileRead the answer and worked solution →

Worked practice questions

Match time horizon: 1. Plant: p. Limited 2. Low Q: q. High PES 3. High Q: r. Low PES

  1. 1-p, 2-q, 3-r
  2. 1-p, 2-r, 3-q
  3. 1-q, 2-p, 3-r
  4. 1-r, 2-p, 3-q
Show answer and solution

Correct answer: A. 1-p, 2-q, 3-r

Because production capacity is limited, elasticity of supply tends to be higher at low output levels and lower at near-capacity levels.

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Match joint supply: 1. Cattle: p. Primary 2. Beef: q. Meat cut 3. Leather: r. Cowhide

  1. 1-p, 2-q, 3-r
  2. 1-p, 2-r, 3-q
  3. 1-q, 2-p, 3-r
  4. 1-r, 2-p, 3-q
Show answer and solution

Correct answer: A. 1-p, 2-q, 3-r

Beef and leather are joint products; an increase in beef output automatically expands the available supply of cowhide.

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Match monopoly rule: 1. Mono: p. No curve 2. Comp: q. Has curve 3. Taker: r. Set price

  1. 1-p, 2-q, 3-r
  2. 1-p, 2-r, 3-q
  3. 1-q, 2-p, 3-r
  4. 1-r, 2-p, 3-q
Show answer and solution

Correct answer: A. 1-p, 2-q, 3-r

There is no supply curve for a monopoly; supply curves are only defined for price-taking firms under perfect competition.

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