Indian Economy Multiple Choice Questions and Answers - 1
Question: 1
A firm under monopoly faces ___ demand curve.
(A) Downward sloping
(B) Upward sloping
(C) Perfectly elastic
(D) Perfectly inelastic
Ans: A
Downward sloping
Question: 2
Under perfect competition, the demand curve is
(A) Upward sloping
(B) Horizontal
(C) Vertical
(D) Downward sloping
Ans: B
Horizontal
Question: 3
_____ method of controlling monopoly is best to check the concentration of economic power in few hands.
(A) Controlling price and output
(B) Nationalisation
(C) Legislative
(D) Taxation
Ans: C
Legislative
Question: 4
_____ method of monopoly can be applied in case of natural monopolies.
(A) Nationalisation
(B) Consumer’s association
(C) Taxation
(D) Controlling price and output
Ans: D
Controlling price and output
Question: 5
The monopolist can control
(A) Number of firms
(B) Neither price nor output
(C) Both price and output
(D) Either price or supply
Ans: D
Either price or supply
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