The Theory of the Firm under Perfect Competition Class 12 MCQs Questions with Answers

1. Other name by which average revenue curve known:

2. In perfect competition, since the firm is a price taker, the ……………. curve is straight line

3. Which of the following is not an essential condition of pure competition?

4. Under monopoly price discrimination depends upon:

5. Can MR be negative or zero.

6. In perfect competition, in the long run, ………………?

7. Monopolist can determine:

8. Profits of the firm will be more at:

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

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

11. What is price line?

12. When ………………, the firms are earning just normal profit:

13. Firms in a monopolistic market are price ……………..:

14. Under which of the following forms of market structure does a firm has no control over the price of its product:

15. A producer’s equilibrium is a situation when

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

17. Market which have two firms are known as:

18. Can TR be a horizontal Straight line?

19. What should firm do when Marginal revenue is greater than marginal cost?

20. Under perfect competition the number of firms