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Non-Competitive Markets Economics - Non-Competitive Markets

CBSE - STD 11 Commerce - Economics (CBSE - English Medium). 237 questions in this chapter.

Question types

Non-Competitive Markets question types

237 questions across 7 question groups — pick any mix to generate a Economics paper with step-by-step answer keys.

237
Questions
7
Question groups
5
Question types
Sample Questions

Non-Competitive Markets questions

One sample from each question group in this chapter. Select any group above to see the full set with answer keys.

Q 1M.C.Q (1 Marks)1 Mark
Which one of the following statement is not a characteristic of monopolistic competition?
  • A
    Ease of entry into the industry.
  • B
    Product differentiation.
  • C
    A relatively large number of sellers.
  • ✓
    A homogenous product.

Answer: D.

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Q 3M.C.Q (1 Marks)1 Mark
In which of the following market structure are entry barriers the highest?
  • A
    Perfect competition.
  • B
    Monopolistic competition.
  • C
    Oligopoly.
  • ✓
    Monopoly.

Answer: D.

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Q 4M.C.Q (1 Marks)1 Mark
Which of the following could be the characteristic of an oligopoly market?
  • A
    A few firms.
  • B
    High barriers to entry.
  • C
    Price rigidity.
  • ✓
    All the above.

Answer: D.

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Q 6True/False1 Mark
Giving reasons, state whether the following statements are true or false.
Under monopoly a firm sells the goods at a single price.
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Q 7True/False1 Mark
Giving reasons, state whether the following statements are true or false.
Under monopolistic competition price discrimination can be made easily.
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Q 8True/False1 Mark
Giving reasons, state whether the following statements are true or false.
Under monopoly all firms can sell at any price.
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Q 9True/False1 Mark
Giving reasons, state whether the following statements are true or false.
In monopoly, firm is different from industry.
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Q 10True/False1 Mark
Giving reasons, state whether the following statements are true or false.
Under monopolistic competition, a firm faces a perfectly elastic demand curve.
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Q 213 Marks Question3 Marks
Explain the implication of non-price competition in an oligopoly market.
OR
Explain the implication of non-price competition under oligopoly.
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Q 294 Marks Question4 Marks
The market demand curve for a commodity and the total cost for a monopoly firm producing the commodity is given by the schedules below. Use the information to calculate the following:
Quantity 0 1 2 3 4 5 6 7 8
Price 52 44 37 31 26 22 19 16 13
Quantity 0 1 2 3 4 5 6 7 8
Total Cost 10 60 90 100 102 105 109 115 125
  1. The MR and MC schedules.
  2. The quantites for which the MR and MC are equal.
  3. The equilibrium quantity of output and the equilibrium price of the commodity.
  4. The total revenue, total cost and total profit in equilibrium.
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Q 304 Marks Question4 Marks
Give reasons for the following statements:
  1. Demand curve facing a perfectly competitive firm is a horizontal straight line.
  2. Demand curve facing a monopolistic competitive firm is a downward sloping curve.
  3. Demand curve facing a monopoly firm is less elastic than that curve facing a monopolistic competitive firm.
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Q 326 Marks Question6 Marks
If the monopolist firm of Exercise $3$, was a public sector firm. The government set a rule for its manager to accept the goverment fixed price as given (i.e. to be a price taker and therefore behave as a firm in a perfectly competitive market), and the government decide to set the price so that demand and supply in the market are equal. What would be the equilibrium price, quantity and profit in this case?
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