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

1. Can TR be a horizontal Straight line?

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

3. Monopolist can determine:

4. Profits of the firm will be more at:

5. What is price line?

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

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

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

9. Can MR be negative or zero.

10. Under monopoly price discrimination depends upon:

11. Market which have two firms are known as:

12. A producer’s equilibrium is a situation when

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

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

15. Under perfect competition the number of firms

16. Other name by which average revenue curve known:

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

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

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

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