Can TR be a horizontal Straight line?
  • May be
  • Can’t say
  • Yes
  • No
The revenue of a firm per unit sold is its
  • MR
  • AR
  • TR
  • TC
The product of AR and price at every unit sold is the firm’s
  • TR
  • TVC
  • MR
  • AR
Which of the following is an example of perfect competition?
  • Agriculture
  • Banking sector
  • Car manufacturing
  • Railways
Can MR be negative or zero.
  • Yes
  • Can’t say
  • No
  • Only negative but not zero
If all units are sold at same price how will it affect AR and MR?
  • B. AR > MR
  • A. AR = MR
  • D. AR + MR = 0
  • C. AR < MR
What is price line
  • The demand curve
  • The AR curve
  • The MR curve
  • The TR curve
In perfect competition, in the long run, ______________?
  • There are large profits for the firm
  • There is no profit and no loss for the firm
  • There are negligible profits for the firm
  • There are large losses for the firm
In perfect competition, when the marginal revenue and marginal cost are equal, profit is?
  • Maximum
  • Zero
  • Negative
  • Average
In perfect competition, a firm earns profit when __________ exceeds the _____________?
  • Total revenue, total fixed cost
  • Marginal cost, marginal revenue
  • Average revenue, average cost
  • Total cost, total revenue
In the perfectly competitive market, in the long run, competitive prices equal the minimum possible ________ cost of good?
  • Average
  • Total
  • Variable
  • Marginal
In perfect competition, in the long run, if a new firm enters the industry the supply curve shifts to the right resulting in_________?
  • Reduction in supply
  • No change in price
  • Fall in price
  • Rise in price
Which of the following type of competition is just a theoretical economic concept, not a realistic case where actual competition and trade take place?
  • Monopolistic competition
  • Monopoly
  • Oligopoly
  • Perfect competition
In perfect competition, which of the following curves generally lies below the demand curve and slopes downward?
  • Average revenue
  • Average cost
  • Marginal revenue
  • Marginal cost
A firm can sell as much as it wants at the market price. The situation is related to?
  • Monopoly
  • Monopolistic competition
  • Perfect competition
  • Oligopoly
Globalization has made Indian Market as?
  • Seller market
  • Buyer market
  • Monopsony market
  • Monopoly market
When AR = Rs. 10 and AC = Rs. 8, the firm makes?
  • Gross profit
  • Super normal profit
  • Normal profit
  • Net profit
A competitive firm in the short run incurs losses. The firm continues production, if?
  • P = AVC
  • P > AVC
  • P < AVC
  • P > = AVC
In the long run the market price of a commodity is equal to its minimum average cost of production under the___________?
  • Monopolist competition
  • Perfect competition
  • Oligopoly
  • Monopoly
While a seller under perfect competition equates price and MC to maximize profits a monopolist should equate?
  • MR and MC
  • AR and MR
  • AR and MC
  • TC and TR
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