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

1. Can TR be a horizontal Straight line?

2. Market which have two firms are known as:

3. Other name by which average revenue curve known:

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

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

6. Under perfect competition the number of firms

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

8. Can MR be negative or zero.

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

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

11. What is price line?

12. A producer’s equilibrium is a situation when

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

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

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

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

17. Under monopoly price discrimination depends upon:

18. Profits of the firm will be more at:

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

20. Monopolist can determine: