Forms of Market and Price Determination - Online Test

Q1. Under perfect competition the number of firms
Answer : Option A
Explaination / Solution:
No Explaination.


Q2. When ___________, the firms are earning just normal profit:
Answer : Option A
Explaination / Solution:
No Explaination.


Q3. Which of the following is the condition for equilibrium of a firm?
Answer : Option C
Explaination / Solution:
No Explaination.


Q4. In perfect competition, since the firm is a price taker, the ________ curve is straight line
Answer : Option A
Explaination / Solution:
No Explaination.


Q5. Other name by which average revenue curve known:
Answer : Option C
Explaination / Solution:
No Explaination.


Q6. The break- even point is only where MR=MC
Answer : Option A
Explaination / Solution:
No Explaination.


Q7. The break- even point where TR=TC, the firm earns normal profits only
Answer : Option A
Explaination / Solution:
No Explaination.


Q8. The break- even point where TR=TC, the firm cannot earn abnormal profits
Answer : Option C
Explaination / Solution:
No Explaination.


Q9. When a firm’s TR>TC, it can earn maximum profits
Answer : Option D
Explaination / Solution:
No Explaination.


Q10. When a firm’s TR>TC, it can still cover its normal profit
Answer : Option A
Explaination / Solution:
No Explaination.