Download App

Meaning and Types of Markets — Economics STD 10 — Question

ICSE BoardEnglish MediumSTD 10EconomicsMeaning and Types of Markets1 Mark
MCQ
Statement (1): Perfect competition is a hypothetical market situation.
Statement (2): Under perfect competition, the government decides the prices of the products and services.
  • ✓
    Statement 1 is true and Statement 2 is false.
  • B
    Statement 2 is true and Statement 1 is false.
  • C
    Both the statements are true
  • D
    Both the statements are false
✓

Answer

Correct option: A.
Statement 1 is true and Statement 2 is false.
A

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "Assertion (A) & Reason (B) MCQ" from Meaning and Types of Markets→Meaning and Types of Markets — all question types→Economics STD 10 question papers→ICSE Board STD 10 question papers→ICSE Board question paper generator→

Similar questions

Assertion(A): Loan taken for the development of imagation facilities is a productive debt.
Reason(R): Funding of war with loans is considered an unproductive debt.
→
→
Statement (1): The coefficient of price elasticity of supply 2 shows that when price changes by 2%, supply also
changes by 2%,
Statement (2): Es = 1.8 signifies that supply is elastic.
→
Assertion(A): If a fall in price of Good X leads to a rise in demand for Good Y, then X and Y are complementary goods.
Reason(R): Complementary goods (say car & petrol) are used together. A fall in the price of petrol is likely to increase the demand of cars.
→
Assertion(A): Demand curve slopes downwards from left to the right. 
Reason(R): Demand curve slopes downwards from left to the right because price and quantity demanded are inversely related.
→
Assertion(A): A monopoly firm is price taker.
Reason(R): In the monopoly market, there is only a single seller.
→
→
→
Assertion(A): Money provides the basis for credit creation.
Reason(R): Credit creation by commercial banks is not possible without money
→
Assertion(A): Central Bank is also called as 'Bankers Bank'.
Reason(R): Central Bank keeps the cash balances of commercial banks and gives loans to them on requirements, in the same manner as the commercial banks do for its consumers.
→