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Question-1
A firm operating in a perfectly competitive industry faces a demand that is:
(A)
Vertical
(B)
Horizontal
(C)
Downward Sloping
(D)
Upward Sloping
Question-2
The concept of equilibrium price is:
(A)
Practical
(B)
Theoretical
(C)
Both theoretical and practical
(D)
Neither theoretical nor practical
Question-3
Slope of supply curve is :
(A)
Negative
(B)
Positive
(C)
Both positive and negative
(D)
Parallel
Question-4
At equilibrium price
(A)
Demand is more
(B)
Supply is more
(C)
Demand and supply are equal
(D)
Demand is lesser
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
______ a dominant role in determining market price.
(A)
Supply Plays
(B)
Demand Plays
(C)
Demand and Supply play
(D)
Long run Equilibrium
Question-8
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-9
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-10
Perfect competition is characterised by
(A)
Large number of firms ; hetrogeneous product ; easy entry and exit
(B)
Large number of firm ; homogeneous product ; incomplete information
(C)
Large number of firm ; homogenous product ; easy entry and exit
(D)
Few firms ; homogeneous product ; difficult entry and exit
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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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