1. Under perfect competition, commodities are ___________ in
nature.
homogenous
heterogeneous
complementary
supplementary
2. ___________ appears in a monopoly market.
Product differentiation
Price discrimination
Individual differentiation
Packing differentiation
3. The price at which demand and supply equate each other is
called ___________ price.
general
short run
long run
equilibrium
4. In ___________ market, seller creates product
differentiation.
perfect
pure
competitive
monopolistic
5. In ___________, the entry of other firms is restricted.
Perfect competition
Pure competition
Monopoly
Monopolistic competition
6. The expenditure incurred on advertisement is ____________
cost.
production
selling
general
transport
7. Monopolist means ____________
one seller
more sellers
one buyer
more buyers
8. In __________, the seller has to incur selling cost.
perfect competition
pure competition
monopoly
monopolistic competition
9. In _____________ , there is a large number of buyers and
a single seller.
perfect competition
pure competition
monopoly
monopolistic competition
10. In perfect competition, the firm _________ price.
accepts
pays
changes
modify
