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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