Forms of Market and Price Determination Quiz

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  • 1/10 Questions

    Which of the following is one of the essential conditions of "perfect competition"?

    • Same price for the same things at one time
    • Multiplicity of prices for the same products at one time
    • Many sellers and a few buyers
    • Product differentiation
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About This Quiz

Are you aware of the market and price? Take this quiz on the forms of market and price determination. If you understand this concept well, this quiz will be perfect for your practice. You simply need to pick the correct answers about the forms of market and price determination. Along with testing your knowledge, you can enhance it too. Give this quiz a try, and see how much you score. You must try to get 100% on this quiz. All the best!

Forms Of Market And Price Determination Quiz - Quiz

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  • 2. 

    Which of the following options signifies a 'perfect competition'?

    • Each firm earns normal profits, and no firm can earn super-normal profits.

    • There is perfect information and knowledge.

    • All firms produce identical or homogeneous products.

    • All of the above

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  • 3. 

    What is used to monitor the changes in living costs over time?

    • GDP defaulter

    • Producer Price Index (PPI)

    • Wholesale Price Index (WPI)

    • Consumer Price Index (CPI)

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  • 4. 

    Who among the following buys a large number of goods from the manufacturer for further sale?

    • Distributor

    • Retailer

    • Middlemen

    • Wholesaler

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  • 5. 

    What kinds of markets are popularly known as 'haats' and 'shandies'?

    • Global

    • National

    • Urban

    • Rural

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  • 6. 

    What is it called in a market economy when only those consumer goods will be produced that are in demand?

    • Socialism

    • Communism

    • Capitalism

    • Mixed economy

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  • 7. 

    Which type of market structure has Duopoly as the special case?

    • Imperfect competition

    • Monopsony

    • Oligopoly

    • Monopoly

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  • 8. 

    Which of the following institutions recommend a Minimum Support Price?

    • Commission for Agricultural Costs And Prices

    • Ministry of Food and Agriculture

    • Food Corporation of India

    • Food and Agriculture Organization

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  • 9. 

    Which of the following correctly describes the US's economical nature?

    • Socialist

    • Capitalist

    • Mixed

    • None of the above

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  • 10. 

    Which of the following suits the best about Oligopoly?

    • A Barber Shop

    • A Welding Shop

    • A Cigarette Industry

    • Wheat growing Farmers

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Quiz Review Timeline (Updated): Aug 16, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Aug 16, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Nov 10, 2022
    Quiz Created by
    Sophia Smith
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