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Section 1 – MCQ 1. Which of the following is not a characteristic of a competitive market? a. All of these answers are characteristics of a competitive market. b. There are many buyers and sellers in the market. c. The goods offered for sale are largely the same. d. Firms generate small but positive economic profits in the long run. e. Firms can freely enter or exit the market. 2. Which of the following markets would most closely satisfy the requirements for a competitive market? a. economics textbooks. b. cola c. milk d. electricity e. cable television 3. If a competitive firm doubles its output, its total revenue a. doubles. b. cannot be determined because the price of the good may rise or fall. c. more than doubles. d. less than doubles. 4. For a competitive firm, marginal revenue is a. total revenue divided by the quantity sold. b. equal to the price of the good sold. c. equal to the quantity of the good sold. d. average revenue divided by the quantity sold. 5. The competitive firm maximizes profit when it produces output up to the point where a. price equals average variable cost. b. marginal cost equals marginal revenue. As only survival profit in competitive market Price takers so they don’t choose price. Therefore if they double output they still use same price so revenue doubles Price takers so +1 unit they use same price – ‘price taker’ so MR = price of good Economics Mcqs for test Preparation from Basic to Advance. here you will find the the Baisc to Advance and most Important Economics Mcqs for your test preparation. Economics Mcqs for Lecturer & Subject Specialist Exams. ECONOMICS MCQS1. Introduction To Economics 2. Basic of Economics 3. Supply and Demand 4. Oligopoly 5. Monopoly 6. Macroeconomic Policy Tools 7. Inflation & Productivity 8. Foreign Exchange 9. Exchange-Rate Determination 10. Elasticity 11. Balance of Payments, Aid and Foreign Investment 12. Applied Microeconomics 13. Long Term Economic Growth 14. Production Factors 15. The Aggregate Demand Aggregate Supply Model 16. Stabilization, Adjustment, Reform and Privatization 17. The Phillips Curve 18. The International Economy And Globalization 19. Trade Regulations And Industrial Policies 20. Taxation 21. Monetary Union 22. Poverty, Malnutrition, And Income Inequality 23. Fiscal And Monetary Policy 24. Aggregate Supply, Unemployment And Inflation 25. Costs , Supply And Perfect Competition 26. Economic Development in Historical Perspective 27. National Income And The Standard Of Living 28. Natural Resources - Sustainable Development 29. Theories of Economic Development 30. Roots of Modern Macroeconomics 31. Regional Trading Arrangements 32. Monetary, Fiscal And Incomes Policy, And Inflation 33. Marketing In A Global Economy 34. Public Goods 35. Human Capital 36. Entrepreneurship, Organization, And Innovation 37. Economic Problems of Developing Countries 38. Comparative GDP 39. Capital Formation - Technical Progress 40. Alternative Theories Of The Firm 41. Asymmetric Information 42. Trade Policies For the Developing Nations 43. The Balance of Payments 44. The National Economy 45. Supply-Side Policies 46. Sources of Comparative Advantage 47. Measurement of Economic Development 48. Agriculture & Irrigation System of Pakistan 49. Average And Total Cost 50. Application of Economics 51. Income Inequality 52. Employment, Migration, And Urbanization 53. Global Economic Development 54. Education, Health, And Human Capital 55. Exchange-Rate Adjustments And The Balance of 56. World Economy (Miscellaneous) 57. Development Planning and Policy-making 58. Consumer Theory vs. Real Consumers 59. Budget Deficits And The Trade Balance 60. Characteristics and Institutions of Developing Countries 61. Externality & Internality 62. Exchange-Rate Systems And Currency Crises 63. The External Debt and Financial Crises 64. Tariffs 65. Rural Poverty and Agricultural Transformation 66. Risks And Diversification & Efficient Market Hypothesis 67. Prices, Wages & Taxes 68. Population And Development 69. Profit Maximizing Under Perfect Competition And Monopoly 70. Money, Interest Rates And Output 71. Markets, Efficiency And The Public Interest 72. Monopoly & Competition 73. Industrial Development 74. International Factor Movements And Multinational Corporations 75. Foundations Of Modern Trade Theory 76. Labour Market 77. Macroeconomic Issues and Analysis 78. Market 79. Non-Tariff Trade Barriers 80. Miscellaneous 81. Population 82. Stocks 83. Surplus 84. - Which of the following markets would most closely satisfy the requirements for a perfectly competitive market * 1 point Cola milk cable television Electricity?Markets for agricultural products like rice, wheat etc resemble perfectly competitive markets because there are a large number of producers, free entry and exit and products are identical.
Which of the following is closest to a perfectly competitive market?1. Farmers' markets: The average farmers' market is perhaps the closest real-life example to perfect competition. Small producers sell nearly identical products for very similar prices.
Which conditions have to be satisfied for a market to be perfectly competitive?In a perfect competition model, there are no monopolies. This kind of structure has a number of key characteristics, including: All firms sell an identical product (the product is a commodity or homogeneous). All firms are price takers (they cannot influence the market price of their products).
What is a competitive market a market in which a good?A competitive market is a structure in which no single consumer or producer has the power to influence the market. Its response to supply and demand fluctuates with the supply curve, a representation of a product's quantity.
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Which of the following markets would most closely satisfy the requirements for a competitive market
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