Class 11 Economics MCQ Chapter 10 Forms of Market Structure Question Answer English Medium to each chapter is provided in the list so that you can easily browse through different chapters Class 11 Economics MCQ Chapter 10 Forms of Market Structure and select need one. AHSEC Class 11 Economics Objective Type Solutions in English As Per AHSEC New Book Syllabus Download PDF. AHSEC Economics MCQ Class 11.
Class 11 Economics MCQ Chapter 10 Forms of Market Structure
Also, you can read the NCERT book online in these sections Solutions by Expert Teachers as per Central Board of Secondary Education (CBSE) Book guidelines. AHSEC Class 11 Economics Multiple Choice Solutions are part of All Subject Solutions. Here we have given AHSEC Class 11 Economics MCQ in English for All Chapters, You can practice these here.
Forms of Market Structure
Chapter: 10
| PART – A : MICROECONOMICS |
Choose the Correct Option:
1. What is the primary condition for a place or system to be called a “market” in economics?
(i) Only the physical presence of shops.
(ii) Only buyers present.
(iii) Establishment of contact between buyers and sellers.
(iv) Government intervention.
Ans: (iii) Establishment of contact between buyers and sellers.
2. According to the economic definition, a market exists when:
(i) There is a mall or physical shop.
(ii) Buyers and sellers exchange greetings.
(iii) There is interaction between buyers and sellers for a commodity.
(iv) Sellers are more than buyers.
Ans: (iii) There is interaction between buyers and sellers for a commodity.
3. Which of the following is not an essential feature of a market?
(i) Presence of a mediator.
(ii) Buyers and sellers must exist.
(iii) Establishment of contact.
(iv) One prevailing price for the commodity.
Ans: (i) Presence of a mediator.
4. A market transaction is considered valid when:
(i) Sellers fix the price unilaterally.
(ii) No price is fixed.
(iii) Transactions follow accepted social and economic rules.
(iv) The Government monitors the transaction.
Ans: (iii) Transactions follow accepted social and economic rules.
5. Which of the following best describes the term “market place” in economics?
(i) Only a physical shop.
(ii) Any area where trade takes place.
(iii) Only online platforms.
(iv) Auction houses only.
Ans: (ii) Any area where trade takes place.
6. In economics, a “market” refers to:
(i) Any place where people gather.
(ii) Only wholesale locations.
(iii) A system where goods/services are bought and sold.
(iv) Government regulated institutions.
Ans: (iii) A system where goods/services are bought and sold.
7. Which of the following media can help establish a market contact?
(i) Emails.
(ii) Letters.
(iii) Phones.
(iv) All of the above.
Ans: (iv) All of the above.
8. What role do middlemen play in a market?
(i) Fix market prices.
(ii) Buy goods only.
(iii) Facilitate contact between buyers and sellers.
(iv) Act as government agents.
Ans: (iii) Facilitate contact between buyers and sellers.
9. According to the text, no buyer will pay more than:
(i) The maximum price seller quotes.
(ii) The prevailing market price.
(iii) Government fixed price.
(iv) Cost of production.
Ans: (ii) The prevailing market price.
10. The term “market” in economics is mostly concerned with:
(i) Physical infrastructure.
(ii) Emotional bond between buyers and sellers.
(iii) Transactions and price determination.
(iv) Transport of goods.
Ans: (iii) Transactions and price determination.
11. Why is price competition important in a market?
(i) To increase the number of buyers.
(ii) To avoid government regulation.
(iii) To ensure one price for a commodity.
(iv) To reduce quality.
Ans: (iii) To ensure one price for a commodity.
12. A valid market must have:
(i) More buyers than sellers.
(ii) Buyers and sellers establishing contact.
(iii) Equal number of buyers and sellers.
(iv) High demand only.
Ans: (ii) Buyers and sellers establishing contact.
13. When a buyer and seller agree to exchange, what is formed?
(i) Political bond.
(ii) Market.
(iii) Society.
(iv) Government rule.
Ans: (ii) Market.
14. Why will a transaction not be called a market transaction if done illegally?
(i) It’s not approved by law or social rules.
(ii) It benefits only buyers.
(iii) It helps the economy.
(iv) It is fast.
Ans: (i) It’s not approved by law or social rules.
15. The concept of one price in a market comes from:
(i) Monopoly control.
(ii) Government regulation.
(iii) Free competition among buyers and sellers.
(iv) Physical boundaries.
Ans: (iii) Free competition among buyers and sellers.
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