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Question-1
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-2
Secular price is fixed in the ________ period.
(A)
Very short
(B)
Short
(C)
Long
(D)
Very long
Question-3
Market price is _________ equilibrium price.
(A)
More than
(B)
Lesser than
(C)
Equal to
(D)
Either lesser or more than
Question-4
Perfect competition is a situation under which a commodity ______ is sold it.
(A)
Different price
(B)
A uniform price
(C)
A higher price
(D)
A lower price
Question-5
The concept of equilibrium price is:
(A)
Practical
(B)
Theoretical
(C)
Both theoretical and practical
(D)
Neither theoretical nor practical
Question-6
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
Question-7
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-8
At equilibrium price
(A)
Demand is more
(B)
Supply is more
(C)
Demand and supply are equal
(D)
Demand is lesser
Question-9
_________ 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-10
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
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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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