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

1. Under monopoly price discrimination depends upon:

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

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

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

5. Under perfect competition the number of firms

6. Can MR be negative or zero.

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

8. Can TR be a horizontal Straight line?

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

10. Market which have two firms are known as:

11. Profits of the firm will be more at:

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

13. What is price line?

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

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

16. Other name by which average revenue curve known:

17. Monopolist can determine:

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

19. A producer’s equilibrium is a situation when

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