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CLASS 11
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QUESTIONS

Economics

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 CLASS 11 - ECONOMICS

Time Allowed: 3 minutes Maximum Marks: 45

General Instructions:

1. Price discrimination under monopoly depends on? [1]

a) Elasticity of supply for the b) Taxes and other overhead expenses

commodity

c) The size of the market where he sells d) Elasticity of demand for the
commodity
2. The break- even point is [1]

a) MR=MC=0 b) MR

c) MR>MC d) TR=TC
3. There can be a Break- even point with AR = AC as [1]

a) No b) May be always

c) Not always d) Yes

4. Accounting Profits = [1]

a) TR - TVC b) TR - Implicit Costs

c) TR - TC d) TR - Explicit Costs
5. A firm reaches a shut-down point when: [1]

a) TR = TVC b) TR = TC

c) MC = AC d) TC = AVC
6. At the break-even point, a firm makes: [1]

a) extra-normal losses b) none of these

c) extra-normal profits d) normal profits

7. Abnormal profits mean [1]

a) Unexpected profits b) Same as normal profit

c) Profit in excess of normal profit d) Profit under the normal profit

8. Post and telegraph industry in India is an example of? [1]

a) Monopoly b) Oligopoly

c) Monopsony d) Perfect competition

9. The situation of ‘normal profits’ arise for a firm when [1]

1/5
 a) TC = TR or AC= AR b) MR = MC = 0

c) MR greater than MC d) MR is less than MC

10. The price line is [1]

a) The TPP curve b) The Demand curve

c) The AR curve d) The MR curve

11. The reason for indeterminate demand curve is due to non price competition.It is [1]

a) False b) None of these

c) Can’t say d) True

12. Prices remain sticky in which of the following market? [1]

a) Duopoly b) Monopoly

c) Oligopoly d) Perfect Competition

13. In monopoly market cross-elasticity of demand is: [1]

a) None of above b) Inelastic

c) Zero d) Elastic
14. Normal profit is a part of: [1]

a) total cost b) total revenue

c) average revenue d) marginal revenue

15. When a firm is able to cover its variable costs only, it will be at: [1]

a) none of these b) break-even point

c) shut-down point d) equilibrium point

16. In the context of producer's equilibrium, which one is wrong? [1]

a) In equilibrium situation, producer b) MR = MC

has no tendency to change his
production

c) Producer gets maximum profit d) Minimum difference between TR

and TC
17. Under which market conditions firms make only Normal profit in the long run [1]

a) Monopolistic Competition b) Duopoly

c) Monopoly d) Oligopoly
18. The price discrimination under monopoly will be possible under which of the following [1]
conditions

a) The seller has no control over the b) The price elasticity of demand is
supply of his product uniform

c) The price elasticity of demand is d) The market has the same condition
different in different markets all over
19. Price discrimination is possible only when the [1]

2/5
 a) Seller is alone b) Market is controlled by the
government

c) Goods are homogeneous d) None of above

20. The situation of ‘abnormal profits’ arise for a firm when [1]

a) TC is less than TR b) MR is greater than MC

c) MR = MC = 0 d) MR = MC
21. In the long run a monopolist can: [1]

a) Earn only normal profits b) Incur losses

c) Shut-down d) Earn super normal profits

22. TR is always a 45 degree angle in perfect competition market as [1]

a) Price can rise b) Price may fall

c) Price does not remain fixed d) Price remains fixed

23. A firm practicing price discrimination will be? [1]

a) Buying from one market and selling b) Buying only from firms selling in
it in another market. bulk at a discount.

c) Charging different prices in different d) Charges different prices for different

markets for a product. qualities of product.
24. Being the only producer, a firm can [1]

a) Make a choice b) Decide the price

c) Make any good d) Make decisions

25. One of the reasons which give emergence to the monopoly market is [1]

a) Many sellers b) Differentiated goods

c) Supply of rare goods by all sellers d) Political barriers

26. The market structure in which the number of sellers is small and there is interdependence in [1]
decision making by the firms is known as

a) Perfect competition b) Monopolistic competition

c) Oligopoly d) Monopoly
27. The difference between TR and TC is maximum when: [1]

a) MR = AC b) AR = MR

c) MR = MC d) MC = AC
28. Monopoly and perfect competition can be distinguished on the basis of [1]

a) Existence of cartels b) No.of sellers

c) Goods differentiation d) Interdependence

29. Pure oligopoly is based on the _____________ products. [1]

a) Unique product b) Differentiated

3/5
 c) None of above d) Homogeneous
30. TR > TC is a situation of: [1]

a) falling profits b) normal profits

c) rising profits d) abnormal profits

31. AR < AVC is a point of: [1]

a) break-even b) continuation of production

c) none of these d) discontinuation of production

32. The demand curve of which of the following forms cannot be determined [1]

a) Monopoly b) Oligopoly

c) Duopoly d) Perfect Competition

33. If the firm increases its output even after MR = MC and equilibrium is struck, then: [1]

a) MC becomes greater than MR b) MR becomes greater than MC

c) MR stays equal to MC d) none of these

34. TR - TVC = [1]

a) none of these b) Net profit

c) Normal profit d) Gross profit

35. Under perfect competition, for the producer to be in equilibrium: [1]

a) AR = MR = MC and MC must be b) AR = MR = AC and AC must be rising

falling

c) AR = MR = TC and TC must be rising d) AR = MR = MC and MC must be rising

36. In case of break-even point, a firm covers: [1]

a) both fixed costs and variable costs b) none of these

c) average variable cost only d) variable cost only

37. Price rigidity is situation found in which of the following market forms? [1]

a) Oligopoly b) Perfect competition

c) Monopolistic competition d) Monopoly

38. The main feature of monopoly is [1]

a) Many sellers b) Homogeneous goods

c) Differentiated goods d) single seller of a brand

39. Which condition among these is necessary for achieving Producers's equilibrium? [1]

a) MC curve intersects MR curve from b) MR curve intersects MR curve from

below above

c) MR curve intersects MC curve from d) MC curve intersects MR curve from

below above
40. MC=MR=AC=AR refers to the long run equilibrium of a [1]

4/5
 a) Competitive firm b) Monopoly firm

c) Oligopoly firm d) None of these

41. Production may continue so long as: [1]

a) TR ≥ TVC b) TR ≥ TFC

c) TR ≥ TC d) none of these
42. Normal profits occur when: [1]

a) AR > AC b) TR > TC

c) AR = AC d) AR < AC
43. Monopolist can fix higher price of goods whose elasticity is [1]

a) Inelastic b) Elastic

c) Less than 1 d) More than 1

44. Monopolist can determine [1]

a) Price b) Output

c) None of above d) Either price or output

45. A firm under perfect competition is a price taker not a price maker due to [1]

a) Supply of identical goods by all b) Supply of differentiated goods by all

sellers sellers

c) Supply of rare goods by all sellers d) Greater belief in the market forces

5/5
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