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

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

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

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

4. Market which have two firms are known as:

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

6. Can TR be a horizontal Straight line?

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

8. Profits of the firm will be more at:

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

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

11. A producer’s equilibrium is a situation when

12. Under monopoly price discrimination depends upon:

13. Other name by which average revenue curve known:

14. Under perfect competition the number of firms

15. Can MR be negative or zero.

16. What is price line?

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

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

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

20. Monopolist can determine: