Civil Engineering MCQs

Page No. 70

Duopoly is a market situation where there is/are____________?


aFew sellers and few buyers

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bFew sellers and many buyers

✓


cMany sellers and few buyers

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dOne seller and few buyers

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What is the opposite of perfect competition ?


aMonopsony

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bOligopoly

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cOligopsony

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dMonopoly

✓


View Answer Monopoly

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


aHomogeneous product

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bFree market entry and exit

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cPerfect information and absence of all economic friction

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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

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b Bilateral monopoly

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cNatural monopoly

✓


dOrdinary monopoly

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View Answer Natural monopoly

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


aSupply

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bDemand

✓


cProduct

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dGood

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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

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bLaw of supply

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cLaw of demand

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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

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cLaw of demand

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dLaw of supply and demand

✖



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


aSupply

✓


bDemand

✖


cProduct

✖


dGood

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View Answer Supply

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


aUtility

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bNecessity

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cCommodity

✓


dStock

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View Answer Commodity

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


a300

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b360

✓


c365

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d366

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View Answer 360

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