NCERT Class 11 Chapter 5 Economics Market Equilibrium MCQ

NCERT Class 11 Chapter 5 Economics Market Equilibrium MCQ | Questions & Answers: Make use of this page and give your try for the NCERT Class 11 Chapter 5 Economics Market Equilibrium MCQ Quiz. As a result, you will get to know how much knowledge you have in the respective area. Good luck!

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1. Which is a characteristic of the market ?

A. One Area

B. Presence of both Buyers and Sellers

C. Single Price of the Commodity

D. All the above

2. Which is a basic for the classification of the market ?

A. Perfect Competition

B. Zero Competition (Monopoly)

C. Imperfect Competition

D. All the above

3. Which of the following is a feature of perfect competition ?

A. Large Number of Buyers and Sellers

B. Homogeneous Units of the Product

C. Perfect Knowledge of the Market

D. All the above

4. In which market product differentiation is found ?

A. Pure Competition

B. Perfect Competition

C. Monopoly

D. Monopolistic Competition

5. Which of the following is true in perfect competition ?

A. Firm is price-taker, not price-maker

B. Firm’s demand curve is perfectly elastic

C. AR = MR

D. All the above

6. Which one is a feature of monopoly ?

A. Single Seller and Many Buyers

B. Lack of Close Substitutes

C. Restrictions of New Firm entry

D. All of these

7. Which one of the following is true for monopoly ?

A. Firm is price-maker

B. Demand curve slopes downward

C. Price discrimination possibility arises

D. All the above

8. Which one is a feature of monopolistic competition ?

A. Differentiated Product

B. Selling Cost

C. Imperfect Knowledge of the Market

D. All the above

9. A market in which there is free entry and exit, the market is:

A. Monopolistic Competitive Market

B. Imperfect Competitive Market

C. Perfectly Competitive Market

D. None of these

10. What does a monopolist market show ?

A. Production process

B. Distribution system

C. Nature of market

D. None of these

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11. Price discrimination is found in which market ?

A. Pure Competition

B. Perfect Competition

C. Monopoly

D. Monopolistic Competition

12. Which of the following is the feature of pure competition ?

A. Perfect knowledge of the market

B. Perfect mobility of factors

C. Homogenity by products

D. All the above

13. Market situation where there is only one buyer is:

A. Monopoly

B. Monopsony

C. Duropoly

D. None of these

14. The concept of monopolistic competition is given by:

A. Hicks

B. Chamberlin

C. Mrs. Robinson

D. Samuelson

15. Which of the following is not a feature of perfect competition ?

A. Large number of buyers and sellers

B. Homogeneity of product

C. Advertisement and selling cost

D. Perfect knowledge of the market

16. In which market is AR equal to MR ?

A. Perfect competition

B. Oligopoly

C. Imperfect competition

D. Monopoly

17. Which factor determines Equilibrium Price ?

A. Demand for Commodity

B. Supply of Commodity

C. Both (a) and (b)

D. None of the above

18. “Price is determined by Demand and Supply. Whose statement is this ?

A. Jevons

B. Walras

C. Marshall

D. None of these

19. Price of a commodity is determined at a point where :

A. Demand exceeds

B. Supply exceeds

C. Demand equals supply

D. None of these

20. What is true for perfect competition market ?

A. Price is determined by both Demand and Supply Forces

B. Price is determined by the industry

C. Each firm of the industry is Price-taker

D. All the above

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21. Who gave the concept of ‘Time Element’ in price determination process ?

A. Ricardo

B. Walras

C. Marshall

D. J. K. Mehta

22. How many categories of production duration have been made by Marshall on the basis of supply ?

A. Two

B. Three

C. Four

D. Seven

23. Which is a reason of change in demand ?

A. Change in Consumer’s Income

B. Change in Prices of Related Goods

C. Population increase

D. All the above

24. Which statement is correct ?

A. In very short period, supply is perfectly inelastic, price is affected by both demand conditions.

B. Supply curve elasticity depends on time period

C. Both (a) and (b)

D. None of the above

25. Market Price is found in:

A. Short Period Market

B. Long Period Market

C. Very Long Period Market

D. None of these