Nature and Structure of Markets — Practice Quiz
ICSE · Class 10 · Economic Application
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Quick Quiz: Nature and Structure of Markets
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Which statement best defines a market in economics?
Which of the following is an essential condition for a market to exist?
Which market structure has a very large number of buyers and sellers selling identical products?
What kind of demand curve does a firm face under perfect competition?
Sample Questions
A market in economics refers mainly to buyers and sellers of a commodity spread over a wide area. True or False?
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True
A market does not necessarily mean one place. It refers to buyers and sellers of a commodity, often spread over a wide area.
In perfect competition, a firm is a price-taker. True or False?
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True
Under perfect competition, no single firm can influence the market price, so the firm accepts the prevailing price.
Under perfect competition, products sold by different firms are homogeneous. True or False?
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True
Homogeneous products are identical in quality, shape, size, colour, design and packing.
What is monopoly?
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A market situation where there is only a single seller
Monopoly means only one seller or producer supplies the good or service in the market.
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