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Class 11 Economics
The Theory Of The Firm Under Perfect Competition
Quiz 1
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Can TR be a horizontal Straight line?
0%
May be
0%
Can’t say
0%
Yes
0%
No
Explanation
No
The revenue of a firm per unit sold is its
0%
MR
0%
AR
0%
TR
0%
TC
Explanation
AR
The product of AR and price at every unit sold is the firm’s
0%
TR
0%
TVC
0%
MR
0%
AR
Explanation
TR
Which of the following is an example of perfect competition?
0%
Agriculture
0%
Banking sector
0%
Car manufacturing
0%
Railways
Explanation
Agriculture
Can MR be negative or zero.
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Yes
0%
Can’t say
0%
No
0%
Only negative but not zero
Explanation
Yes
If all units are sold at same price how will it affect AR and MR?
0%
B. AR > MR
0%
A. AR = MR
0%
D. AR + MR = 0
0%
C. AR < MR
Explanation
A. AR = MR
What is price line
0%
The demand curve
0%
The AR curve
0%
The MR curve
0%
The TR curve
Explanation
The MR curve
In perfect competition, in the long run, ______________?
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There are large profits for the firm
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There is no profit and no loss for the firm
0%
There are negligible profits for the firm
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There are large losses for the firm
Explanation
There is no profit and no loss for the firm
In perfect competition, when the marginal revenue and marginal cost are equal, profit is?
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Maximum
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Zero
0%
Negative
0%
Average
Explanation
Maximum
In perfect competition, a firm earns profit when __________ exceeds the _____________?
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Total revenue, total fixed cost
0%
Marginal cost, marginal revenue
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Average revenue, average cost
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Total cost, total revenue
Explanation
Average revenue, average cost
In the perfectly competitive market, in the long run, competitive prices equal the minimum possible ________ cost of good?
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Average
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Total
0%
Variable
0%
Marginal
Explanation
Average
In perfect competition, in the long run, if a new firm enters the industry the supply curve shifts to the right resulting in_________?
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Reduction in supply
0%
No change in price
0%
Fall in price
0%
Rise in price
Explanation
Fall 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?
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Monopolistic competition
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Monopoly
0%
Oligopoly
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Perfect competition
Explanation
Perfect competition
In perfect competition, which of the following curves generally lies below the demand curve and slopes downward?
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Average revenue
0%
Average cost
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Marginal revenue
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Marginal cost
Explanation
Marginal revenue
A firm can sell as much as it wants at the market price. The situation is related to?
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Monopoly
0%
Monopolistic competition
0%
Perfect competition
0%
Oligopoly
Explanation
Perfect competition
Globalization has made Indian Market as?
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Seller market
0%
Buyer market
0%
Monopsony market
0%
Monopoly market
Explanation
Buyer market
When AR = Rs. 10 and AC = Rs. 8, the firm makes?
0%
Gross profit
0%
Super normal profit
0%
Normal profit
0%
Net profit
Explanation
Super normal profit
A competitive firm in the short run incurs losses. The firm continues production, if?
0%
P = AVC
0%
P > AVC
0%
P < AVC
0%
P > = AVC
Explanation
P > = AVC
In the long run the market price of a commodity is equal to its minimum average cost of production under the___________?
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Monopolist competition
0%
Perfect competition
0%
Oligopoly
0%
Monopoly
Explanation
Perfect competition
While a seller under perfect competition equates price and MC to maximize profits a monopolist should equate?
0%
MR and MC
0%
AR and MR
0%
AR and MC
0%
TC and TR
Explanation
MR and MC
0 h : 0 m : 1 s
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