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CBSE
Class 11 Economics
The Theory Of The Firm Under Perfect Competition
Quiz 2
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A rational consumer is a person who?
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Has perfect knowledge of the market
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Is not influenced by persuasive advertising
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Behaves at all times, other things being equal, in a judicious manner
0%
Knows the prices of goods in different market and buys the cheapest
Explanation
Has perfect knowledge of the market
In which of the following types of market structures, are resources, assumed to be mobile?
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Oligopoly
0%
Perfect competition
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Monopolistic competition
0%
Monopoly
Explanation
Perfect competition
At producer’s equilibrium when MR = MC, the firm earns only
0%
Abnormal loss
0%
Abnormal profit
0%
Normal Profit
0%
Normal loss
Explanation
Normal Profit
Beyond producer’s equilibrium when MR
0%
Abnormal profit
0%
Normal loss
0%
Abnormal loss
0%
Normal Profit
Explanation
Abnormal loss
Before producer’s equilibrium when MR > MC, the firm earns only
0%
Normal Profit
0%
Normal loss
0%
Abnormal loss
0%
Abnormal profit
Explanation
Abnormal profit
A producer’s equilibrium is a situation when
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AR = MR
0%
MR = MC
0%
AR = AC
0%
TR = TC
Explanation
MR = MC
The elasticity at a point on a straight line supply curve passing through the origin will be
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3. 0
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1. 0
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4. 0
0%
2. 0
Explanation
1. 0
The elasticity at a point on a straight-line supply curve passing through the origin making an angle of 45° will be
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4. 0
0%
2. 0
0%
3. 0
0%
1. 0
Explanation
1. 0
Under perfect competition the number of firms
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Is about 10
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Are many but limited
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Is large
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Is limited
Explanation
Is large
When ___________, the firms are earning just normal profit:
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AC = AR
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MC = AC
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AR = MR
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MC = MR
Explanation
AC = AR
Which of the following is the condition for equilibrium of a firm?
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MC curve must cut MR curve from above
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MR = MC
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None of above
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Both of these
Explanation
MR = MC
In perfect competition, since the firm is a price taker, the ________ curve is straight line
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Total cost
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Marginal cost
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Total revenue
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Marginal revenue
Explanation
Marginal revenue
Other name by which average revenue curve known:
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Indifference curve
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Profit curve
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Average cost curve
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Demand curve
Explanation
Demand curve
Marginal revenue in any competitive situation is?
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TR
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T
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R
0%
None of the above
Explanation
TR
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