Smartindia Classroom
CONTENTS
English
Mathematics
Economics
Accountancy
Business Studies
Computer Application
Back to home
Start Practice
Question-1
In the long run equilibrium in perfect competition.
(A)
Price = average cost = total cost
(B)
Price = average cost = marginal cost
(C)
Price = marginal revenue = total cost
(D)
Total revenue = total variable cost
Question-2
A profit maximising firm in perfect competition produces where ;
(A)
Total revenue is maximised
(B)
Marginal revenue equals marginal cost
(C)
Marginal revenue equals zero
(D)
Marginal revenue equals average cost
Question-3
In perfect competition :
(A)
Products are heavily differentiated
(B)
The products firms offer are very similar
(C)
A few firms dominate the market
(D)
Consumers have limited information
Question-4
___________ is a tax that the government imposes per unit sale of output.
(A)
Direct tax
(B)
Indirect tax
(C)
Unit tax
(D)
Tax
Question-5
In the short run firms in perfect competition will still produces provided
(A)
The price covers average variable cost
(B)
The price covers variable cost
(C)
The price covers average fixed cost
(D)
The price covers fixed costs
Question-6
A change in input prices also affects a firms _________ curve.
(A)
Demand
(B)
Supply
(C)
Contraction demand
(D)
Income demand
Question-7
The __________ of a good measures the responsiveness of quantity supplied to changes in the prices of the good.
(A)
Price elasticity of supply
(B)
Investment
(C)
Supply
(D)
Demand
Question-8
Firms in perfect competition face a
(A)
Perfectly elastic demand curve
(B)
Perfectly inelastic demand curve
(C)
Perfectly elastic supply curve
(D)
Perfectly inelastic supply curve
Question-9
For a perfectly competitive firm
(A)
Total revenue is a straight line
(B)
Price is greater than marginal revenue
(C)
Price equals total revenue
(D)
Price equals total cost
Question-10
The _________ of a firm shows the level of output that the firm chooses to produce corresponding to different value of the market price.
(A)
Demand Curve
(B)
Supply Curve
(C)
Aggregate demand curve
(D)
Aggregate supply
Your Score 0/10
Click
here
to see your answersheet and detailed track records.
Plus 2 Commerce
Kerala (English Medium)
Practice in Related Chapters
INTRODUCTION TO MICROECONOMICS - THEORY
CONSUMER BEHAVIOUR AND DEMAND
THEORY OF CONSUMER BEHAVIOUR
INTRODUCTION TO MACRO ECONOMICS
Money and Banking
The Theory of Consumer Behaviour (Micro)
Market Equilibrium Under Perfect Competition (Micro)
Elasticity of Demand (Micro)
Theory of Demand (Micro)
Introduction to Micro Economics
Production Function-Returns to a Factor(Micro)
Supply and Elasticity of Supply (Micro)
Cost, Revenue and Producer's Equilibrium(Micro)
Forms of Market (Micro)
The Theory of the firm Under Perfect Competition
Aggreggate Demand and Aggregate Supply
National Income Accounting and Circular flow of Income (Macro)
Powered By
