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Question-1
An industry is in equilibrium in the long run when _________________
(A)
Demand is greater than supply
(B)
Supply is greater than demand
(C)
Demand equals supply
(D)
None of these
Question-2
The optimum point of production under perfect competition is ________________
(A)
Minimum AC
(B)
Minimum TR
(C)
Minimum MC
(D)
All of these
Question-3
A firm in long run under perfect competition with _________________ leaves the industry.
(A)
Normal profit
(B)
Super normal profit
(C)
Losses
(D)
None of these
Question-4
The rightward shift in the supply curve of the industry with increased market demand curve leads to ________________
(A)
Rise in price
(B)
Fall in price
(C)
Price remain same
(D)
None of these
Question-5
The conditions for long run equilibrium under perfect competition is _______________
(A)
P=LAC
(B)
MC=MR
(C)
MC=MR=AR=LAC
(D)
All of these
Question-6
The cost curves of competitive firms are __________________ shaped.
(A)
U shaped
(B)
L shaped
(C)
K shaped
(D)
None of these
Question-7
The leftward shift in the supply curve of the industry with decrease market demand curve leads to ________________
(A)
Rise in price
(B)
Fall in price
(C)
Price remain same
(D)
None of these
Question-8
Under equilibrium situation, there would be a ____________________.
(A)
Tendency to change price
(B)
Tendency to change quantity supplied
(C)
No tendency to change either price or quantity
(D)
All of these
Question-9
Under perfect competition the firms ________________ price for selling additional units of goods.
(A)
Reduce
(B)
Will not reduce
(C)
Increase
(D)
None of these
Question-10
The rightward shift in the supply curve of the industry with unchanged market demand curve leads to ______________
(A)
Rise in price
(B)
Fall in price
(C)
Preice remains same
(D)
None of these
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Plus 2 Humanities
ICSE/ISC
Practice in Related Chapters
Micro Economic Theory
Theory of Consumer Behavior; Marginal Utility and Indifference Curve Analysis
Law of Supply and Price Elasticity of Supply
Laws of Returns - Returns to a Factor and Returns to Scale
Demand and Law of Demand
Elasticity of Demand
Cost and Revenue Analysis
FORMS OF MARKET
EQUILIBRIUM OF FIRM
Determination of Equilibrium Price and Output Under Perfect Competition Monopoly and Monopolistic
Equilibrium Price: Market Price
Nature of Goods and Services Produced
National Income Aggregates
INTERNATIONAL TRADE; NEED AND BASIS
Balance of Payments
Theory of Distribution: Marginal Productivity Theory and Determination of Wages
Public Expenditure
PUBLIC DEBT
Fiscal Policy and Deficit Financing
The Theory of Distribution: Rent, Interest and Profit
National Income and Circular Flow of Income
Measurement of National Income
- GOVERNMENT BUDGET
PUBLIC FINANCE;TAXATION
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