Smartindia Classroom
CONTENTS
English
Economics
History
Geography
Political Science
Sociology
Psychology
Computer Application
Back to home
Start Practice
Question-1
______ a dominant role in determining market price.
(A)
Supply Plays
(B)
Demand Plays
(C)
Demand and Supply play
(D)
Long run Equilibrium
Question-2
Normal price is fixed in the ________ period.
(A)
Market
(B)
Short
(C)
Long
(D)
Very long
Question-3
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-4
________ a dominant role in determining equilibrium price in the short period.
(A)
Supply plays
(B)
Demand Plays
(C)
Demand and Supply play
(D)
Profit
Question-5
To maximize profit, a perfectly competitive firm should produce up to the output level where:
(A)
MR = MC
(B)
P = MR
(C)
P = MC
(D)
1 and 3 are correct
Question-6
If demand increases at faster rate than the supply equilibrium price will
(A)
Increase
(B)
Decrease
(C)
Neither increase nor decrease
(D)
Constant
Question-7
_________ 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-8
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
Question-9
A firm operating in a perfectly competitive industry faces a demand that is:
(A)
Vertical
(B)
Horizontal
(C)
Downward Sloping
(D)
Upward Sloping
Question-10
At equilibrium price
(A)
Demand is more
(B)
Supply is more
(C)
Demand and supply are equal
(D)
Demand is lesser
Your Score 0/10
Click
here
to see your answersheet and detailed track records.
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)
Powered By
