Vidaara.orgClass 11 · Mathematics
CodeVID-M11-WS
Forms of Market — Practice Worksheet
Name: ____________________
Roll No.: __________
Date: ____________
General Instructions
- All questions are compulsory.
- Choose the correct option (A, B, C or D) for each question.
- The answer key is at the end — try the paper first!
Section A — Multiple Choice (1 mark each)
15 × 1 = 15 marks
1.
A market with a single seller and no close substitutes is a:
- A.Monopoly
- B.Perfect competition
- C.Oligopoly
- D.Monopolistic competition
2.
The word 'monopoly' literally means:
- A.Many sellers
- B.One seller
- C.Few sellers
- D.One buyer
3.
A monopolist is a:
- A.Price taker
- B.Price maker
- C.Quantity taker
- D.Buyer
4.
A feature of monopoly is:
- A.Free entry
- B.Strong barriers to entry
- C.Many sellers
- D.Identical sellers
5.
A market with many sellers of differentiated products is:
- A.Perfect competition
- B.Monopoly
- C.Monopolistic competition
- D.Oligopoly
6.
The key feature of monopolistic competition is:
- A.An identical product
- B.Product differentiation
- C.A single seller
- D.No advertising
7.
Different brands of soap illustrate:
- A.Monopoly
- B.Monopolistic competition
- C.Perfect competition
- D.Duopoly
8.
Firms in monopolistic competition spend heavily on:
- A.Advertising (selling costs)
- B.Nothing
- C.Price cuts only
- D.Government fees
9.
A market dominated by a few large sellers is an:
- A.Oligopoly
- B.Monopoly
- C.Perfect competition
- D.Open market
10.
An oligopoly with only two firms is a:
- A.Monopoly
- B.Duopoly
- C.Triopoly
- D.Perfect market
11.
The key feature of oligopoly is:
- A.Interdependence among firms
- B.Free entry
- C.One seller
- D.Identical buyers
12.
The car and telecom markets are examples of:
- A.Perfect competition
- B.Monopoly
- C.Oligopoly
- D.Pure competition
13.
Under perfect competition, entry of firms is:
- A.Free
- B.Blocked
- C.Difficult
- D.Illegal
14.
Under which market form does the firm have full control over price?
- A.Perfect competition
- B.Monopoly
- C.Monopolistic competition
- D.Oligopoly
15.
The market form closest to what we see in everyday branded goods is:
- A.Perfect competition
- B.Monopoly
- C.Monopolistic competition
- D.Pure monopoly
Section B — Challenge / Olympiad (2 marks each)
10 × 2 = 20 marks
16.
A monopolist faces a downward-sloping demand curve, unlike a competitive firm, because the monopolist:
- A.Is the whole market, so to sell more it must lower the price
- B.Is a price taker
- C.Has many rivals
- D.Sells an identical product
17.
Two toothpaste brands compete largely through advertising and packaging rather than big price cuts. This reflects:
- A.Non-price competition under monopolistic competition
- B.Perfect competition
- C.A pure monopoly
- D.A price taker market
18.
When one airline in a four-firm market cuts fares, the others quickly match it. This behaviour shows the oligopoly feature of:
- A.Interdependence
- B.Free entry
- C.Identical products
- D.Price taking
19.
A patent that prevents any other firm from making a drug for years helps create a:
- A.Monopoly
- B.Perfect competition
- C.Monopolistic competition
- D.Oligopoly of many
20.
Compared with perfect competition, prices under monopolistic competition tend to be slightly higher mainly because of:
- A.Product differentiation and advertising costs
- B.Identical products
- C.Government price floors
- D.Free goods
21.
Which market form gives consumers the greatest variety of choice?
- A.Monopolistic competition
- B.Monopoly
- C.Perfect competition
- D.Pure monopoly
22.
Steel produced by a few large firms selling a near-identical product is an example of:
- A.Oligopoly
- B.Monopolistic competition
- C.Perfect competition
- D.Monopoly
23.
Why are monopolies often regulated by the government?
- A.To stop them charging excessive prices and protect consumers
- B.To remove all firms
- C.To ban advertising
- D.To create more monopolies
24.
Oligopoly firms often avoid aggressive price wars because a price cut by one is likely to:
- A.Be matched by rivals, hurting everyone's profits
- B.Be ignored
- C.Raise everyone's price
- D.Have no effect
25.
Reading the comparison table, the form with 'one seller, unique product, blocked entry, full price control' is:
- A.Monopoly
- B.Perfect competition
- C.Monopolistic competition
- D.Oligopoly
Answer Key
Section A — Multiple Choice (1 mark each)
- (A) Monopoly
- (B) One seller
- (B) Price maker
- (B) Strong barriers to entry
- (C) Monopolistic competition
- (B) Product differentiation
- (B) Monopolistic competition
- (A) Advertising (selling costs)
- (A) Oligopoly
- (B) Duopoly
- (A) Interdependence among firms
- (C) Oligopoly
- (A) Free
- (B) Monopoly
- (C) Monopolistic competition
Section B — Challenge / Olympiad (2 marks each)
- (A) Is the whole market, so to sell more it must lower the price
- (A) Non-price competition under monopolistic competition
- (A) Interdependence
- (A) Monopoly
- (A) Product differentiation and advertising costs
- (A) Monopolistic competition
- (A) Oligopoly
- (A) To stop them charging excessive prices and protect consumers
- (A) Be matched by rivals, hurting everyone's profits
- (A) Monopoly
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