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Question-1
If demand and supply change at the same rates, the equilibrium price will
(A)
Increase
(B)
Decrease
(C)
Remain Constant
(D)
Neither increase nor decrease
Question-2
In the long run, a profit , maximizing , perfectly competitive firm will earn:
(A)
A normal rate of return
(B)
Positive economic profit
(C)
Negative economic profit
(D)
Accounting profit that is greater than economic profit
Question-3
A firm operating in a perfectly competitive industry faces a demand that is:
(A)
Vertical
(B)
Horizontal
(C)
Downward Sloping
(D)
Upward Sloping
Question-4
_________ a dominant role in determining equilibrium price in the long period.
(A)
Demand Plays
(B)
Supply Plays
(C)
Demand and Supply play
(D)
Short run Equilibrium
Question-5
Market price is _________ equilibrium price.
(A)
More than
(B)
Lesser than
(C)
Equal to
(D)
Either lesser or more than
Question-6
Traders enjoy _______ project at equilibrium price.
(A)
Normal
(B)
Abnormal
(C)
Lesser
(D)
More
Question-7
Normal price is fixed in the ________ period.
(A)
Market
(B)
Short
(C)
Long
(D)
Very long
Question-8
Firms in perfectly competitive industries may be characterised as
(A)
Price Creators
(B)
Price Makers
(C)
Price Takers
(D)
Price Setters
Question-9
In the short run , perfectly competitive firms may earn :
(A)
Positive economic Profit
(B)
Normal Profit
(C)
Negative economic Profit
(D)
All of the above
Question-10
The demand curve facing an individual seller under pure and perfect competition is :
(A)
A vertical straight line
(B)
A horizontal straight line
(C)
A downward sloping straight line
(D)
A downward vertical line
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Plus 2 Humanities
Kerala (English Medium)
Practice in Related Chapters
Forms of Market
National Income
Indian Economy 1950 - 1990
National Income Accounting
The Theory of Consumer Behaviour (Micro)
Elasticity of Demand (Micro)
Theory of Demand (Micro)
Market Equilibrium Under Perfect Competition (Micro)
Production Function-Returns to a factor(Micro)
Supply and Elasticity of Supply
Cost Revenue and Producers Equilibrium
Forms of Market
National Income Accounting and Circular flow of Income (Macro)
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