Economics GK Quiz Questions and Answers - 1
Question: 1
Perfect competition is a market situation when we have
(A) Large number of sellers
(B) Few seller
(C) A single seller
(D) Two seller
Ans: A
Large number of sellers
Question: 2
Absence of government is one of the feature of
(A) Imperfect competition
(B) Oligopoly
(C) Monopoly
(D) Perfect competition
Ans: D
Perfect competition
Question: 3
_____ is the feature of monopoly and perfect competition are partially present.
(A) Oligopoly
(B) Monopolistic competition
(C) Duopoly
(D) Monopoly
Ans: B
Monopolistic competition
Question: 4
The commodities are produced in perfectly competitive market in
(A) Large in size
(B) Homogenous
(C) Heterogenous
(D) Similar but not identical
Ans: B
Homogenous
Question: 5
A firm can achieve equilibrium when its
(A) MC = MR
(B) MR = AR
(C) MC = AC
(D) MR = AC
Ans: A
MC = MR
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