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

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

2. What is price line?

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

4. A producer’s equilibrium is a situation when

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

6. Profits of the firm will be more at:

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

8. Monopolist can determine:

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

10. Can MR be negative or zero.

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

12. Under perfect competition the number of firms

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

14. Market which have two firms are known as:

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

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

17. Other name by which average revenue curve known:

18. Can TR be a horizontal Straight line?

19. Under monopoly price discrimination depends upon:

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