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Forms of Market and Price Determination
- Online Test
Forms of Market and Price Determination
TEST : 2
# Forms of Market and Price Determination
# CBSE 12TH Economics
Prepare / Learn
Q1.
Under perfect competition the number of firms
A.
Is large
B.
Is about 10
C.
Is limited
D.
Are many but limited
View Solution
Add Work Space
Answer :
Option A
Explaination / Solution:
No Explaination.
# Forms of Market and Price Determination
# CBSE 12TH Economics
Prepare / Learn
Q2.
When ___________, the firms are earning just normal profit:
A.
AC=AR
B.
MC=MR
C.
AR=MR
D.
MC=AC
View Solution
Add Work Space
Answer :
Option A
Explaination / Solution:
No Explaination.
# Forms of Market and Price Determination
# CBSE 12TH Economics
Prepare / Learn
Q3.
Which of the following is the condition for equilibrium of a firm?
A.
None of above
B.
Both of these
C.
MR = MC
D.
MC curve must cut MR curve from above
View Solution
Add Work Space
Answer :
Option C
Explaination / Solution:
No Explaination.
# Forms of Market and Price Determination
# CBSE 12TH Economics
Prepare / Learn
Q4.
In perfect competition, since the firm is a price taker, the ________ curve is straight line
A.
Marginal revenue
B.
Total cost
C.
Total revenue
D.
Marginal cost
View Solution
Add Work Space
Answer :
Option A
Explaination / Solution:
No Explaination.
# Forms of Market and Price Determination
# CBSE 12TH Economics
Prepare / Learn
Q5.
Other name by which average revenue curve known:
A.
Profit curve
B.
Indifference curve
C.
Demand curve
D.
Average cost curve
View Solution
Add Work Space
Answer :
Option C
Explaination / Solution:
No Explaination.
# Forms of Market and Price Determination
# CBSE 12TH Economics
Prepare / Learn
Q6.
The break- even point is only where MR=MC
A.
No
B.
None of these
C.
Can’t say
D.
Yes
View Solution
Add Work Space
Answer :
Option A
Explaination / Solution:
No Explaination.
# Forms of Market and Price Determination
# CBSE 12TH Economics
Prepare / Learn
Q7.
The break- even point where TR=TC, the firm earns normal profits only
A.
Yes
B.
Can’t say
C.
None of these
D.
No
View Solution
Add Work Space
Answer :
Option A
Explaination / Solution:
No Explaination.
# Forms of Market and Price Determination
# CBSE 12TH Economics
Prepare / Learn
Q8.
The break- even point where TR=TC, the firm cannot earn abnormal profits
A.
None of these
B.
Can’t say
C.
1
D.
FALSE
View Solution
Add Work Space
Answer :
Option C
Explaination / Solution:
No Explaination.
# Forms of Market and Price Determination
# CBSE 12TH Economics
Prepare / Learn
Q9.
When a firm’s TR>TC, it can earn maximum profits
A.
Can’t say
B.
None of these
C.
FALSE
D.
1
View Solution
Add Work Space
Answer :
Option D
Explaination / Solution:
No Explaination.
# Forms of Market and Price Determination
# CBSE 12TH Economics
Prepare / Learn
Q10.
When a firm’s TR>TC, it can still cover its normal profit
A.
1
B.
FALSE
C.
Can’t say
D.
None of these
View Solution
Add Work Space
Answer :
Option A
Explaination / Solution:
No Explaination.
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