Civil Engineering MCQs

Page No. 70

Duopoly is a market situation where there is/are____________?


aFew sellers and few buyers


bFew sellers and many buyers


cMany sellers and few buyers


dOne seller and few buyers



What is the opposite of perfect competition ?


aMonopsony


bOligopoly


cOligopsony


dMonopoly


View Answer Monopoly

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


aHomogeneous product


bFree market entry and exit


cPerfect information and absence of all economic friction


dAll of the above


View Answer All of the above

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 ?


aPerfect monopoly


b Bilateral monopoly


cNatural monopoly


dOrdinary monopoly


View Answer Natural monopoly

What refers to the need, want or desire for a product backed by the money to purchase it ?


aSupply


bDemand


cProduct


dGood


View Answer Demand

“Under conditions of perfect competition, the price at which any given product will be supplied and purchased is the price that will result in the supply and the demand being equal.” This statement is known as the_________________?


aLaw of diminishing return


bLaw of supply


cLaw of demand


dLaw of supply and demand



“When one of the factors of production is fixed in quantity or is difficult to increase, increasing the other factors of production will result in a less than proportionate increase in output”. This statement is known as the______________?


a Law of diminishing return


bLaw of supply


cLaw of demand


dLaw of supply and demand



What refers to the amount of a product made available for sale ?


aSupply


bDemand


cProduct


dGood


View Answer Supply

What do you call any particular raw material or primary product such as cloth, wool, flour, coffee, etc ?


aUtility


bNecessity


cCommodity


dStock


View Answer Commodity

Under ordinary simple interest, how many days in one year ?


a300


b360


c365


d366


View Answer 360

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