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

1. Under perfect competition the number of firms

2. A producer’s equilibrium is a situation when

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

4. Market which have two firms are known as:

5. Can TR be a horizontal Straight line?

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

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

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

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

10. Can MR be negative or zero.

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

12. Monopolist can determine:

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

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

15. Under monopoly price discrimination depends upon:

16. What is price line?

17. Other name by which average revenue curve known:

18. Profits of the firm will be more at:

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

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