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Question-1
When TR is less than TC leads to _________________
(A)
Normal profit
(B)
Super normal profit
(C)
Normal loss
(D)
Loss
Question-2
______________ is an economic entity which employs factors of production to produce goods and sell in the market.
(A)
Firm
(B)
Industry
(C)
Group of firms
(D)
None of these
Question-3
_________________ is the amount of profit that are high enough to force the firms to remain in the industry
(A)
Normal profit
(B)
Super normal profit
(C)
Normal loss
(D)
Loss
Question-4
TR equals TC is a condition of __________________
(A)
Break even
(B)
Super normal profit
(C)
High profit
(D)
None of these
Question-5
When the difference between TR and TC is large _________________ would be the maximum.
(A)
Profit
(B)
sales
(C)
Growth
(D)
Cost
Question-6
The difference between total cost and total revenue of the firm is ________________
(A)
Profit
(B)
sales
(C)
Growth
(D)
None of these
Question-7
When the difference TR is greater than TC leads to __________________
(A)
Normal profit
(B)
Super ormal profit
(C)
Normal loss
(D)
None of these
Question-8
An individual unit that produces goods and services is called ________________
(A)
Firm
(B)
Industry
(C)
Group of firms
(D)
None of these
Question-9
Normal profits are _________________
(A)
Helps the forms to remain in the industry
(B)
Pure return on capital
(C)
Pure return for risk
(D)
All of these
Question-10
For profit maximization, MC curve should intersect _________________ curve from below.
(A)
MR
(B)
AR
(C)
TR
(D)
None of these
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Plus 2 Humanities
ICSE/ISC
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