Forms of Market Class 11 MCQ Economics are covered in this Article. Forms of Market Class 11 MCQ Test contains 15 questions. Answers to MCQs on Forms of Market Class 11 Economics are available after clicking on the answer. These MCQ have been made for Class 11 students to help check the concept you have learnt from detailed classroom sessions and application of your knowledge.
| Subject | Economics (MCQ) |
| Topic | Forms of Market Class 11 MCQ |
| Category | Economics Class 11 MCQs |
Forms of Market Class 11 MCQ
1. The aspects of the market are______&________. ( Fill in the blank with correct alternative)
(a) Demand
(b) Supply
(c) Both (a)&(b)
(d) None of the above
Answer
Answer: (c) Both (a)&(b)
2. _______ is the nervous system of modern economic life. ( Fill in the blank with correct alternative)
(a) Market
(b) Demand
(c) Supply
(d) None of the above
Answer
Answer: (a) Market
3. ________ refers to the number and type of firms operating in the industry.
(a) Market
(b) Market structure
(c) Commodity sold
(d) All of the above
Answer
Answer: (b) Market structure
4. ________ refers to a market situation where there are a very large number of buyers and sellers.
(a) Oligopoly
(b) Perfect competition
(c) Monopoly
(d) Monopolistic competition
Answer
Answer: (b) Perfect competition
5. The products in perfect competition are______ in nature. ( Fill in the blank with correct alternative)
(a) Heterogeneous
(b) Differing
(c) Homogeneous
(d) All of the above
Answer
Answer: (c) Homogeneous
6. The price in perfect competition is determined by _______. ( Fill in the blank with correct alternative)
(a) Industry
(b) A particular firm
(c) Buyers
(d) Sellers
Answer
Answer: (a) Industry
7. The factors of production under perfect competition market are ______.( Fill in the blank with correct alternative)
(a) Immobile
(b) Heterogeneous
(c) Mobile
(d) None of the above
Answer
Answer: (c) Mobile
Forms of Market Class 11 MCQ
8. Transportation cost under a perfect competition market is _______.
(a) High
(b) Very low
(c) Not determined
(d) Zero
Answer
Answer: (d) Zero
9. A firm under perfect competition is _______. ( Fill in the blank with correct alternative)
(a) Price taker
(b) Price maker
(c) Price influencer
(D) All of the above
Answer
Answer: (a) Price taker
10. An industry under perfect competition market is ______.( Fill in the blank with correct alternative)
(a) Price taker
(b) Price maker
(c) Price influencer
(d) All of the above
Answer
Answer: (b) Price maker
11. Firm under perfect competition faces a _________ demand curve. ( Fill in the blank with correct alternative)
(a) Highly elastic
(b) Perfectly inelastic
(c) Unitary elastic
(d) Perfectly elastic
Answer
Answer: (d) Perfectly elastic
12. In which of the following market selling costs are not incurred. ( Choose the correct alternative)
(a) Perfect competition
(b) Monopolistic competition
(c) Monopoly
(d) Oligopoly
Answer
Answer: (a) Perfect competition
13. In which of the following markets perfect knowledge is acquired. ( Choose the correct alternative)
(a) Perfect competition
(b) Monopolistic competition
(c) Monopoly
(d) Oligopoly
Answer
Answer: (a) Perfect competition
14. There is the absence of abnormal profit in the long run under perfect competition.” What can be the reason for this?
(a) Freedom of free entry and exit
(b) Homogenous products
(c) A very large number of buyers and sellers
(d) Perfect knowledge among buyers and sellers
Answer
Answer: (a) Freedom of free entry and exit
15. “Under perfect competition, an individual firm cannot influence the Market price”, because
(a) Absence of selling cost
(b) Absence of transportation cost
(c) The firm is a price taker
(d) None of the above
Answer
Answer: (c) The firm is a price taker
Term 2 – NCERT Economics Class 11 MCQ
Part A – MCQ Questions for Class 11 Statistics Economics
- Statistical Tools and Interpretation – Measures of Dispersion, Correlation, Index Number
Part B – MCQ Questions for Class 11 Microeconomics
- Producer Behaviour and Supply
- Forms of Market and Price Determination under perfect competition with simple applications
- Forms of Market Class 11 MCQ
- Price Determination and Simple Application Class 11 MCQ Questions