laboursonline – MCQs, Mock Tests | Business Studies Business Economics MCQ Questions and Answers Part

Cartel is a part of ——————

1. Monopoly
2. Oligopoly
3. Duopoly
4. Perfect competition

✅ Correct Answer: 2

While determining equilibrium of firm in short-run for perfect competition, the X-axis in the diagram represents —————-

1. Revenue
2. Output
3. Cost
4. Price

✅ Correct Answer: 2

While determining equilibrium of firm in short-run for perfect competition, the X-axis in the diagram represents —————-

1. Revenue
2. Output
3. Cost
4. Price

✅ Correct Answer: 2

While determining equilibrium of firm in short-run for perfect competition, the X-axis in the diagram represents —————-

1. Revenue
2. Output
3. Cost
4. Price

✅ Correct Answer: 2

While determining equilibrium of firm in short-run for perfect competition, the X-axis in the diagram represents —————-

1. Revenue
2. Output
3. Cost
4. Price

✅ Correct Answer: 2

While determining equilibrium of firm in short-run for perfect competition, the X-axis in the diagram represents —————-

1. Revenue
2. Output
3. Cost
4. Price

✅ Correct Answer: 2

The primary objective for discriminating monopolist is —————–

1. Loss minimization
2. Profit maximisation
3. To cover production cost
4. All of the above

✅ Correct Answer: 2

A monopolistic competitive firm sells ————– products.

1. Differentiated
2. Homogenous
3. All of the above
4. None

✅ Correct Answer: 1

A monopolistic competitive firm sells ————– products.

1. Differentiated
2. Homogenous
3. All of the above
4. None

✅ Correct Answer: 1

A monopolist will never produce at a point where ————

1. demand is price – inelastic
2. demand is price – elastic
3. marginal cost is positive
4. marginal cost is increasing

✅ Correct Answer: 4

Which of the following best defines price discrimination?

1. Charging different prices on the basis of race.
2. charging different prices for goods with different cost of production
3. charging different prices based on the cost of service difference
4. selling a certain product of given quality and cost per unit at different prices to different buyers.

✅ Correct Answer: 4

Which one is not collusive oligopoly —————-

1. price leadership
2. market sharing cartel
3. price discrimination
4. price-fixing cartel

✅ Correct Answer: 2

In an oligopolistic market, there are —————

1. a large number of sellers and few buyers
2. few sellers and few buyers
3. few sellers and large number of buyers
4. only one seller

✅ Correct Answer: 3

The essential aspects of oligopoly is ————-

1. excess capacity
2. non-price competition
3. a large number of firms
4. mutual recognition of interdependence.

✅ Correct Answer: 4

The kinked demand curve in Sweezy oligopoly model emerges due to assumption that ————-

1. when one seller decreases or increases his price, others follow.
2. when one seller decreases his price others follow him.
3. when one sellers decreases his price others follow but when he increases his price others do not follow
4. When one seller increases his price others decrease their prices.

✅ Correct Answer: 3

Under perfect competition, firms do not engage in price-war because ———

1. firms work in co-operation with one another under the same.
2. number of firms under the same is very large
3. the demand for the product of a firm under the same is perfectly elastic
4. all the above-mentioned conditions are responsible

✅ Correct Answer: 2

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