Forms of Market and Price Determination - Online Test
Q1. When a firm’s TR>TC, it cannot cover its normal profit
Answer : Option B
Explaination / Solution:
No Explaination.
Q2. When a firm’s TR>TC, it does not earn maximum profits
Answer : Option B
Explaination / Solution:
No Explaination.
Q3. When a firm’s TR
Answer : Option D
Explaination / Solution:
No Explaination.
Q4. When a firm’s TR>TC, it earns normal profit and abnormal profits
Answer : Option B
Explaination / Solution:
No Explaination.
Q5. A firm maximizes its profits only when MR=MC
Answer : Option B
Explaination / Solution:
No Explaination.
Q6. A firm maximizes its profits just when MR=MC and it is sufficient
Answer : Option C
Explaination / Solution:
No Explaination.
Q7. At producer’s equilibrium when MR=MC and then
Answer : Option B
Explaination / Solution:
No Explaination.
Q8. If the price of the commodity falls by 10% and consequently the quantity supplied decreases by 20 %, then the elasticity of supply will be
Answer : Option A
Explaination / Solution:
No Explaination.
Q9. If the price of the commodity rises by 10 % and consequently the quantity supplied rises by 20 %, then the elasticity of supply will be
Answer : Option C
Explaination / Solution:
No Explaination.
Q10. If the price of the commodity falls by 10 % and consequently the quantity supplied rises by 20 %, then the elasticity of supply will be
Answer : Option D
Explaination / Solution:
No Explaination.
