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

1. Under monopoly price discrimination depends upon:

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

3. What is price line?

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

5. Market which have two firms are known as:

6. A producer’s equilibrium is a situation when

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

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

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

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

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

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

13. Can TR be a horizontal Straight line?

14. Under perfect competition the number of firms

15. Monopolist can determine:

16. Can MR be negative or zero.

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

18. Profits of the firm will be more at:

19. Other name by which average revenue curve known:

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