Economic System and Market Structures AFCAT Questions

AFCAT Indian Economy

Economic System and Market Structures MCQ Questions


13.
Oligopoly is characterized by ______________.
A.
Many firms and low entry barriers
B.
A few firms and high entry barriers
C.
Government control
D.
Perfect competition
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ANSWER :
B. A few firms and high entry barriers
14.
The key feature of monopolistic competition is ______________.
A.
Identical products
B.
Product differentiation
C.
Few firms
D.
No barriers to entry
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ANSWER :
B. Product differentiation
15.
In a perfectly competitive market, firms are ______________.
A.
Price takers
B.
Price makers
C.
Government-controlled
D.
Non-competitive
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ANSWER :
A. Price takers
16.
Which market structure has the highest barriers to entry?
A.
Monopoly
B.
Perfect competition
C.
Oligopoly
D.
Monopolistic competition
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ANSWER :
A. Monopoly
17.
A perfectly competitive market is characterized by ______________.
A.
Large number of buyers and sellers
B.
High barriers to entry
C.
Product differentiation
D.
Single seller
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ANSWER :
A. Large number of buyers and sellers
18.
The market structure with only one producer who controls the supply of a product is known as ______________.
A.
Monopoly
B.
Oligopoly
C.
Perfect competition
D.
Monopolistic competition
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ANSWER :
A. Monopoly