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Question-1
The profit level that is just enough to cover the explicit costs and opportunity costs of the firm is called the
(A)
Break Even point
(B)
Normal Profit
(C)
Demand
(D)
Supply
Question-2
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
Question-3
In the long run in perfect competition:
(A)
The price equals the total revenue
(B)
Firms are allocatively inefficient
(C)
Firms are productively efficient
(D)
The price equals total cost
Question-4
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-5
The market supply curve shows the _________ levels that firms in the market produce in aggregate corresponding to different value of the market price.
(A)
Input
(B)
Output
(C)
Constant
(D)
High
Question-6
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-7
___________ is a tax that the government imposes per unit sale of output.
(A)
Direct tax
(B)
Indirect tax
(C)
Unit tax
(D)
Tax
Question-8
The point on the supply curve at which a firm earns normal profit is called
(A)
Supply
(B)
Demand
(C)
Normal Profit
(D)
Break Even point
Question-9
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-10
A change in input prices also affects a firms _________ curve.
(A)
Demand
(B)
Supply
(C)
Contraction demand
(D)
Income demand
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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)
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