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

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

2. Under monopoly price discrimination depends upon:

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

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

5. Can TR be a horizontal Straight line?

6. Can MR be negative or zero.

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

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

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

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

11. Under perfect competition the number of firms

12. What is price line?

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

14. Market which have two firms are known as:

15. A producer’s equilibrium is a situation when

16. Profits of the firm will be more at:

17. Monopolist can determine:

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

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

20. Other name by which average revenue curve known: