The Theory of the Firm under Perfect Competition | Chapter 4 | Class 11 | Social Science | Economics

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In this test paper, we will practice our learning of The Theory of the Firm under Perfect Competition | Chapter 4 | Class 11 | Social Science | Economics. These MCQ questions are prepared Based on latest exam Pattern for General Studies and GK preparation of SSC, NDA, CDS, UPSC, UPPSC and State PSC Examinations.

In this test paper, we will practice our learning of The Theory of the Firm under Perfect Competition | Chapter 4 | Class 11 | Social Science | Economics. These MCQ questions are prepared Based on latest exam Pattern for General Studies and GK preparation of SSC, NDA, CDS, UPSC, UPPSC and State PSC Examinations.

Questions

1. The concept of supply curve is relevant only for?

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2. Which of the following is an example of perfect competition?

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3. Can MR be negative or zero.

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4. If all units are sold at same price how will it affect AR and MR?

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5. What is price line

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6. Can TR be a horizontal Straight line?

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7. The revenue of a firm per unit sold is its

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8. The product of AR and price at every unit sold is the firm’s

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9. In perfect competition, in the long run, ______________?

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10. In perfect competition, when the marginal revenue and marginal cost are equal, profit is?

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11. In perfect competition, a firm earns profit when __________ exceeds the _____________?

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12. In the perfectly competitive market, in the long run, competitive prices equal the minimum possible ________ cost of good?

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13. 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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14. 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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15. In perfect competition, which of the following curves generally lies below the demand curve and slopes downward?

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16. A firm can sell as much as it wants at the market price. The situation is related to?

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17. Globalization has made Indian Market as?

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18. When AR = Rs. 10 and AC = Rs. 8, the firm makes?

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19. A competitive firm in the short run incurs losses. The firm continues production, if?

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20. 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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21. While a seller under perfect competition equates price and MC to maximize profits a monopolist should equate?

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22. Marginal revenue in any competitive situation is?

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23. A rational consumer is a person who?

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24. In which of the following types of market structures, are resources, assumed to be mobile?

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25. At producer’s equilibrium when MR = MC, the firm earns only

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26. Beyond producer’s equilibrium when MR<MC, the firm earns only

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27. Before producer’s equilibrium when MR > MC, the firm earns only

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28. A producer’s equilibrium is a situation when

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29. The elasticity at a point on a straight line supply curve passing through the origin will be

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30. 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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31. Under perfect competition the number of firms

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32. When ___________, the firms are earning just normal profit:

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33. Which of the following is the condition for equilibrium of a firm?

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34. In perfect competition, since the firm is a price taker, the ________ curve is straight line

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35. Other name by which average revenue curve known:

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