NCERT Class 12 Economics Chapter 4 The T Heory of the F Irm Under P Erfect C Ompetition Test Mock Test
This free online test covers Chapter 4, The T Heory of the F Irm Under P Erfect C Ompetition, from the NCERT Class 12 Introductory Microeconomics textbook. The 30 questions are written directly from the chapter — definitions, processes, worked examples and the points the book italicises — so a score here tells you how much of the chapter actually stuck, not how well you guess. Each answer carries an explanation that says why the right option is right and why the other three fail, which is where most of the learning happens. Attempt it after your first read of the chapter, then again before the exam. There is no negative marking, and you can review the full solution the moment you submit.
Duration
30 mins
Questions
30 MCQs
Total Marks
30 pts
Negative
0 per wrong
Topics Covered in This Paper
Sample Questions
Q1.The four defining features of a perfectly competitive market listed in the chapter are:
- AA large number of buyers and sellers, a homogenous product, free entry and exit, and perfect information
- BA single seller, many buyers, free entry, and perfect information
- CMany buyers, a homogenous product, government-fixed prices, and perfect information
- DA small number of large firms, differentiated products, restricted entry, and imperfect information
Q2.The single most distinguishing characteristic that follows from the features of perfect competition is:
- AThe absence of any market price at all
- BProduct differentiation by competing firms
- CThe ability of large firms to set the market price
- DPrice taking behaviour by both firms and buyers
Q3.The chapter argues that price taking is a reasonable assumption when there are many firms and buyers have perfect information, because:
- AA firm that raises its price above the market price loses all its buyers, whose demand is readily accommodated by the many other firms, so no adjustment problems arise
- BBuyers are indifferent between paying a high price and a low one
- CThe government prevents any firm from raising its price
- DFirms have agreed among themselves not to change prices
Before you begin
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Disclaimer: The questions provided here are extracted and digitized from previous year papers using automated processes. They may contain typographical errors, formatting issues, or minor variations from the actual examination paper. While we have done our best to verify the accuracy of the official answer keys, discrepancies may occasionally exist. Please refer to the official commission website for the most authentic paper.
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FAQ
Frequently asked questions
Frequently Asked Questions
- How many questions are in the NCERT Class 12 Economics Chapter 4 The T Heory of the F Irm Under P Erfect C Ompetition Test mock test?
- This paper has 30 multiple-choice questions carrying 30 marks in total, to be attempted in 30 minutes.
- Is the NCERT Class 12 Economics Chapter 4 The T Heory of the F Irm Under P Erfect C Ompetition Test mock test free to attempt?
- Yes. You can attempt the full paper online for free on AI Test Planet, and see your score and correct answers immediately after submitting.
- Does this paper have negative marking?
- No, there is no negative marking on this paper, so an attempted guess costs you nothing.
- Are solutions and explanations available?
- Yes. After you submit, every question shows the correct answer with a step-by-step explanation, along with a topic-wise breakdown of your performance.