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

1. Under monopoly price discrimination depends upon:

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

3. Can MR be negative or zero.

4. A producer’s equilibrium is a situation when

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

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

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

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

9. Profits of the firm will be more at:

10. Other name by which average revenue curve known:

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

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

13. Under perfect competition the number of firms

14. Market which have two firms are known as:

15. Can TR be a horizontal Straight line?

16. Monopolist can determine:

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

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

19. What is price line?

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