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

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

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

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

4. Can TR be a horizontal Straight line?

5. Under perfect competition the number of firms

6. Market which have two firms are known as:

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

8. What is price line?

9. Other name by which average revenue curve known:

10. Under monopoly price discrimination depends upon:

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

12. Profits of the firm will be more at:

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

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

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

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

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

18. Can MR be negative or zero.

19. Monopolist can determine:

20. A producer’s equilibrium is a situation when