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

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

2. Under perfect competition the number of firms

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

4. Market which have two firms are known as:

5. Monopolist can determine:

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

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

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

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

10. A producer’s equilibrium is a situation when

11. Under monopoly price discrimination depends upon:

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

13. What is price line?

14. Can MR be negative or zero.

15. Other name by which average revenue curve known:

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

17. Can TR be a horizontal Straight line?

18. Profits of the firm will be more at:

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

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