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

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

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

3. Under monopoly price discrimination depends upon:

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

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

6. Can TR be a horizontal Straight line?

7. Profits of the firm will be more at:

8. Under perfect competition the number of firms

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

10. A producer’s equilibrium is a situation when

11. What is price line?

12. Other name by which average revenue curve known:

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

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

15. Market which have two firms are known as:

16. Monopolist can determine:

17. Can MR be negative or zero.

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

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

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