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

1. Under perfect competition the number of firms

2. A producer’s equilibrium is a situation when

3. Under monopoly price discrimination depends upon:

4. What is price line?

5. Other name by which average revenue curve known:

6. Can MR be negative or zero.

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

8. Profits of the firm will be more at:

9. Monopolist can determine:

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

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

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

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

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

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

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

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

18. Market which have two firms are known as:

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

20. Can TR be a horizontal Straight line?