Explore topic-wise MCQs in Business Economics.

This section includes 4 Mcqs, each offering curated multiple-choice questions to sharpen your Business Economics knowledge and support exam preparation. Choose a topic below to get started.

1.

Match List I with List IIList I(Market Forms)List II(Distinctive featured)a.Perfect competitioni)Price rigidityb.Monopolyii)Product improvementsc.Monopolistic competitioniii) Homogeneous productsd. Oligopolyiv)Price discrimination Choose the correct answer from the options given below:

A. a-ii, b-i, c-iv, d-iii
B. a-iv, b-iii, c-i, d-ii
C. a-iii, b-iv, c-ii, d-i
D. a-i, b-ii, c-iii, d-iv
Answer» D. a-i, b-ii, c-iii, d-iv
Discussion
2.

Charging different prices for the same product in different markets until the MR of the last unit sold equals the MC of the product sold in each market is described by ______.(A) Price discrimination of first degree(B) Price discrimination of second degree(C) Price discrimination of third-degree(D) Equilibrium price(E) Price discrimination Choose the correct answer from the options given below:

A. (A) and (B) only
B. (A) and (C) only
C. (C) and (E) only
D. (A) and (D) only
Answer» D. (A) and (D) only
Discussion
3.

‘Oligopoly’ refers to:

A. Many sellers, Few buyers
B. Many sellers, Many buyers
C. Few sellers, Many buyers
D. Few sellers, Few buyers
Answer» D. Few sellers, Few buyers
Discussion
4.

In a monopolistically competitive market, which of the following hold true?A. firms are small relative to the total marketB. no firm has any market powerC. there is easy entry and exit in the marketD. few firms have market powerE. there is no easy entry and exit in the marketChoose the most appropriate answer from the options given below:

A. A, C and E only
B. B and C only
C. A and B only
D. A and C only
Answer» E.
Discussion