Question : Extreme forms of the market are

Option 1: perfect competition; oligopoly

Option 2: oligopoly; monopoly

Option 3: perfect competition; monopoly

Option 4: perfect competition; monopolistic competition

Question : The demand curve facing a perfectly competitive firm:

Option 1: downward sloping 

Option 2: perfectly inelastic 

Option 3: a concave curve 

Option 4: perfectly elastic 

Question : Match the characteristics with their market structure:

(a) Marginal Cost (MC) = Market Price(MR)

(b) The firm will tend to set output to earn maximum profit.

Option 1: (a) Pure competition, and (b) Pure monopoly 

Option 2: (a) Pure monopoly, and  (b) Monopolistic competition  

Option 3: (a) Oligopoly, and (b) Monopolistic competition 

Option 4: (a) Pure competition, and (b) Oligopoly 

Question : Which of the following cost curve is never  'U' shaped?

Option 1: Marginal cost curve .

Option 2: Average variable cost curve .

Option 3: Average fixed cost curve .

Option 4: Average cost curve 

Question : The curve gives the maximum amount of corn produced in the economy for any given amount of cotton and vice-versa. This curve is called the _____.

Option 1: Total revenue curve

Option 2: Indifference curve

Option 3: Production Possibility Frontier

Option 4: Demand curve