Economics MCQ Class 11 Chapter 9 | Non-competitive Markets | Economics Quiz for Class 11 and Other Competitive Exams

Economics MCQ Class 11 Chapter 9: Check the below NCERT MCQ Questions for Economics MCQ Class 11 Chapter 9 with Answers Pdf free download. Economics MCQ Class 11 Chapter 9 Questions for Economics with Answers were prepared based on the latest exam pattern. We have provided Economics MCQ Class 11 Chapter 9 with Answers to help students understand the concept very well.

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Economics MCQ Class 11 Chapter 9


1. Under which of the following forms of market structure a firm has no control over the price of its product?
(a) Monopoly
(b) Perfect competition
(c) Oligopoly
(d) Monopolistic competition

View Answer

(b) Perfect competition
Explanation:
Pure or perfect competition is a theoretical market structure in which the following criteria are met: All firms sell an identical product (the product is a “commodity” or “homogeneous”). All firms are price takers (they cannot influence the market price of their product). Market share has no influence on prices.


2. Price discrimination can take place only in ______.
(a) Perfect competition
(b) Oligopoly
(c) Monopolistic competition
(d) Monopoly

View Answer

(d) Monopoly


3. Which of the following is not the feature of an imperfect competition?
(a) Large number of buyers
(b) Single seller
(c) Homogeneous products
(d) Price maker

View Answer

(c) Homogeneous products
Explanation:
A homogeneous product is one that cannot be distinguished from competing products from different suppliers. In other words, the product has essentially the same physical characteristics and quality as similar products from other suppliers. One product can easily be substituted for the other.

4. Which market have characteristic of product differentiation ?
(a) Monopolistic competition
(b) Oligopoly
(c) Monopoly
(d) Perfect competition

View Answer

(a) Monopolistic competition
Explanation:
Monopolistic competition occurs when an industry has many firms offering products that are similar but not identical. Firms in monopolistic competition typically try to differentiate their product in order to achieve in order to capture above market returns.


5. Oligopoly having identical products is known as
(a) Pure oligopoly
(b) Collusive oligopoly
(c) Independent oligopoly
(d) None of above

View Answer

(a) Pure oligopoly


6. Which of the following is not a characteristic feature of imperfect competition?
(a) Prices vary from seller to seller
(b) All the products are homogeneous
(c) Profits of the seller is included in the price
(d) None of above

View Answer

(b) All the products are homogeneous
Explanation:
Imperfect competition is a competitive market situation where there are many sellers, but they are selling heterogeneous (dissimilar) goods as opposed to the perfect competitive market scenario. As the name suggests, competitive markets that are imperfect in nature.


7. Under monopoly form of market, TR is maximum when
(a) MR is maximum
(b) MR < 0
(c) MR > 0
(d) MR is zero

View Answer

(d) MR is zero
Explanation:
Marginal revenue means additional revenue generate/received from the sale of additional unit of output.In imperfect (monopoly) when TR increases MR decreases , when TR become maximum MR reaches to zero.


8. Market which has two firms is known as
(a) Duopoly
(b) Monopolistic Competition
(c) Oligopoly
(d) None of These

View Answer

(a) Duopoly
Explanation:
Oligopoly is a market structure with a small number of firms, none of which can keep the others from having significant influence. The concentration ratio measures the market share of the largest firms. A monopoly is one firm, duopoly is two firms and oligopoly is two or more firms.


9. The firm and the industry are one and the same in:
(a) Monopolistic competition
(b) Monopoly
(c) Duopoly
(d) Oligopoly

View Answer

(b) Monopoly
Explanation:
A type of market structure, where the firm has absolute power to produce and sell a product or service having no close substitutes. In simple terms, monopolised market is one where there is a single seller, selling a product with no near substitutes to a large number of buyers. As the firm and industry are one and the same thing in the monopoly market, so it is a single-firm industry. There is zero or negative cross elasticity of demand for a monopoly product. Monopoly can be found in public utility services such as telephone, electricity and so on.


10. A monopolist is a price ______.
(a) Acceptor
(b) Taker
(c) Giver
(d) Maker

View Answer

(d) Maker
Explanation:
A monopoly firm is a price maker or price setter because it is the sole producer of a product.This is in contrast to a competitive firm which is a price taker with zero market power. Because in the monopoly, there is only one seller for the product, any one who wants to buy the product must buy it from the monopolist.


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