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

1. Other name by which average revenue curve known:

2. A producer’s equilibrium is a situation when

3. Can MR be negative or zero.

4. Market which have two firms are known as:

5. Profits of the firm will be more at:

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

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

8. What is price line?

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

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

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

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

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

14. Under perfect competition the number of firms

15. Under monopoly price discrimination depends upon:

16. Can TR be a horizontal Straight line?

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

18. Monopolist can determine:

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

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