Practice Pakistan's most useful MCQs for competitive exams

Duopsony is a market situation where there is/are______________?

• (A)  Few sellers and few buyers
• (B)  Few sellers and many buyers
• (C)  Many sellers and few buyers
• (D)  One seller and few buyers

Answer

Submitted By :Ali Uppal

What refers to the market situation in which any given product is supplied by a very large number of vendors and there is no restriction against additional vendors from entering the market ?

• (A)  Perfect competition
• (B)  Oligopoly
• (C)  Oligopsony
• (D)  Monopoly

Answer

Submitted By :Ali Uppal

What is another term for “perfect competition” ?

• (A)  Atomistic competition
• (B)  No-limit competition
• (C)  Free-for-all competition
• (D)  Heterogeneous market

Answer

Submitted By :Ali Uppal

Duopoly is a market situation where there is/are____________?

• (A)  Few sellers and few buyers
• (B)  Few sellers and many buyers
• (C)  Many sellers and few buyers
• (D)  One seller and few buyers

Answer

Submitted By :Ali Uppal

What is the opposite of perfect competition ?

• (A)  Monopsony
• (B)  Oligopoly
• (C)  Oligopsony
• (D)  Monopoly

Answer

Submitted By :Ali Uppal

Aside from many sellers and many buyers, which one is a characteristic of perfect competition ?

• (A)  Homogeneous product
• (B)  Free market entry and exit
• (C)  Perfect information and absence of all economic friction
• (D)  All of the above

Answer

Submitted By :Ali Uppal

A _____________ is a market situation where economies of scale are so significant that cost are only minimized when the entire output of an industry is supplied by a single producer so that the supply costs are lower under monopoly that under perfect competition ?

• (A)  Perfect monopoly
• (B)  Bilateral monopoly
• (C)  Natural monopoly
• (D)  Ordinary monopoly

Answer

Submitted By :Ali Uppal

What refers to the goods and services that are required to support human life, needs and activities ?

• (A)  Producer products
• (B)  Consumer products
• (C)  Luxury
• (D)  Necessity

Answer

Submitted By :Ali Uppal

What refers to the exchange mechanism that brings together the sellers and the buyers of a product, factor of production or financial security ?

• (A)  Mall
• (B)  Market
• (C)  Store
• (D)  Office

Answer

Submitted By :Ali Uppal

What refers to the goods and services that are desired by human and will be acquired only after all the needs have been satisfied ?

• (A)  Producer products
• (B)  Consumer products
• (C)  Luxury
• (D)  Necessity

Answer

Submitted By :Ali Uppal