Economics MCQ Class 11 Chapter 8 | Market Equilibrium | Economics Quiz for Class 11 and Other Competitive Exams

Economics MCQ Class 11 Chapter 8: Check the below NCERT MCQ Questions for Economics MCQ Class 11 Chapter 8 with Answers Pdf free download. Economics MCQ Class 11 Chapter 8 Questions for Economics with Answers were prepared based on the latest exam pattern. We have provided Economics MCQ Class 11 Chapter 8 with Answers to help students understand the concept very well.

We trust that the offered Economics MCQs for Class 11 with responses Chapter 8: Market Equilibrium will help you. Assuming you have any questions with respect to CBSE Class 11 Economics, Market Equilibrium MCQs, drop a remark underneath, and we will hit you up at the most punctual.

Economics MCQ Class 11 Chapter 8


1. Which of the following is true in perfect competition ?
(a) Firm is price-taker, not price-maker
(b) Firm’s demand curve is perfectly elastic
(c) AR = MR
(d) All the above

View Answer

(d) All the above


2. In which market product differentiation is found ?
(a) Pure Competition
(b) Perfect Competition
(c) Monopoly
(d) Monopolistic Competition

View Answer

(c) Monopoly


3. A market in which there is free entry and exit, the market is:
(a) Monopolistic Competitive Market
(b) Imperfect Competitive Market
(c) Perfectly Competitive Market
(d) None of these

View Answer

(c) Perfectly Competitive Market


4. Which one is a feature of monopoly ?
(a) Single Seller and Many Buyers
(b) Lack of Close Substitutes
(c) Restrictions of New Firm entry
(d) All of these

View Answer

(d) All of these


5. What does a monopolist market show ?
(a) Production process
(b) Distribution system
(c) Nature of market
(d) None of these

View Answer

(c) Nature of market


6. Which one of the following is true for monopoly ?
(a) Firm is price-maker
(b) Demand curve slopes downward
(c) Price discrimination possibility arises
(d) All the above

View Answer

(d) All the above


7. Price discrimination is found in which market ?
(a) Pure Competition
(b) Perfect Competition
(c) Monopoly
(d) Monopolistic Competition

View Answer

(c) Monopoly


8. Market situation where there is only one buyer is:
(a) Monopoly
(b) Monopsony
(c) Duropoly
(d) None of these

View Answer

(b) Monopsony


9. Which of the following is a feature of perfect competition ?
(a) Large Number of Buyers and Sellers
(b) Homogeneous Units of the Product
(c) Perfect Knowledge of the Market
(d) All the above

View Answer

(d) All the above


10. Which of the following is not a feature of perfect competition ?
(a) Large number of buyers and sellers
(b) Homogeneity of product
(c) Advertisement and selling cost
(d) Perfect knowledge of the market

View Answer

(c) Advertisement and selling cost


11. Which is a basic for the classification of the market ?
(a) Perfect Competition
(b) Zero Competition (Monopoly)
(c) Imperfect Competition
(d) All the above

View Answer

(d) All the above


12. Which factor determines Equilibrium Price ?
(a) Demand for Commodity
(b) Supply of Commodity
(c) Both (a) and (b)
(d) None of the above

View Answer

(c) Both (a) and (b)


13. Price of a commodity is determined at a point where :
(a) Demand exceeds
(b) Supply exceeds
(c) Demand equals supply
(d) None of these

View Answer

(c) Demand equals supply


14. Which is a characteristic of the market ?
(a) One Area
(b) Presence of both Buyers and Sellers
(c) Single Price of the Commodity
(d) All the above

View Answer

(d) All the above


15. Which one is a feature of monopolistic competition ?
(a) Differentiated Product
(b) Selling Cost
(c) Imperfect Knowledge of the Market
(d) All the above

View Answer

(d) All the above


Follow on Facebook

By Team Learning Mantras

Related post