Market Structure

The market in which a firm has no power to influence the price of a commodity is known as.

• Monopolistic competition

• Oligopoly

• Monopsony

• Perfect competition

In perfect competition the market price of a commodity is determined by.

• All the firms

• Government

• Market prices

• Single industry

The firm in the perfect competition is assumed to be

• Price maker

• Price taker

• Price influencer

• Price controller

A firm in perfect competition faces a perfectly elastic average revenue curve

• True

• False

There are multiple sellers in the monopoly market.

• True

• False

________ refers to a situation where a producer sells the same product at different prices to different buyers.

• Sellers law

• Buyers discrimination

• Price discrimination

• All of the above

Which of the following is not a feature of monopoly.

• Single seller

• Price discrimination

• Perfect knowledge

• Closed entry

Under monopoly market, the price elasticity of demand is:

• More than Unity

• Equal to Unity

• Less than Unity

• Infinity

Demand curve faced by a perfectly competitive market is:

• Perfectly inelastic

• Perfectly elastic

• Less elastic

• None of these

Profit is the difference between Total ___________ and Total __________ .

• Revenue ; Cost

• Profit ; Cost

• Revenue ; Profit

• Revenue ; Income