Question : Match the characteristics with their market structure:

(a) Difficult entry (often due to economies of scale)

(b) Can sell as much as it can at the market price

Option 1: (a) Monopolistic competition,

(b) Pure monopoly

Option 2: (a) Pure monopoly,

(b) Oligopoly

Option 3: (a) Oligopoly,

(b) Pure competition

Option 4: (a) Pure competition,

(b) Oligopoly

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 : The situation in which total Revenue equals total cost, is known as :

Option 1: monopolistic competition.

Option 2: equilibrium level of output .

Option 3: break even point .

Option 4: perfect competition .

Question : The equilibrium of a firm under perfect competition will be determined when:

Option 1: Marginal Revenue > Average cost

Option 2: Marginal Revenue > Average Revenue

Option 3: Marginal Revenue = Marginal cost

Option 4: Marginal cost > Average cost

Question : Statement 1: Liberalization of the financial sector in India aimed to promote competition among banks.

Statement 2: The Reserve Bank of India (RBI) was abolished as part of financial sector reforms.

Option 1: Both statements are true.

Option 2: Both statements are false.

Option 3: Statement 1 is true, and statement 2 is false.

Option 4: Statement 1 is false, and statement 2 is true.