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Question-1
When SMC curve cuts minimum point of SAC, it is known as __________________
(A)
Break down point
(B)
Break even point
(C)
Shut down point
(D)
None of these
Question-2
When an industry is in equilibrium the production happens at the ______________________
(A)
Minimum point of LMC
(B)
Minimum point of LAC
(C)
Minimum point of TC
(D)
None of these
Question-3
The shape of the LMC of a monopolist would be __________________
(A)
U shaped
(B)
L shaped
(C)
K shaped
(D)
None of these
Question-4
A firm in long run under perfect competition earns only _________________ profits.
(A)
Normal profit
(B)
Super normal profit
(C)
Losses
(D)
None of these
Question-5
A competitive firms its full capacity because of it being operates at the _________________
(A)
At the minimum point of LAC
(B)
At the maximum point of LAC
(C)
No where at LAC
(D)
None of these
Question-6
A monopolistic competitive firm attains equilibrium in the short run ________________
(A)
MC=MR
(B)
MC intersects MR from below
(C)
TC>TR
(D)
a and b
Question-7
The firm under perfect competition is a ______________
(A)
Price taker only
(B)
Output adjuster
(C)
Can not charge more than the market price
(D)
All of these
Question-8
Under perfect competition it is possible that the firms attains ______________________
(A)
Only normal profit
(B)
Only losses
(C)
Only super normal profits
(D)
None of these
Question-9
When an industry is in equilibrium, there would be a _________________
(A)
Tendency to expand
(B)
Tendency to contract
(C)
No tendency to either expand or contract
(D)
None of these
Question-10
In the short run when AR is greater than AC, the firm earns _______________________
(A)
Normal profit
(B)
Super normal profit
(C)
Losses
(D)
None of these
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Plus 2 Humanities
ICSE/ISC
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Cost and Revenue Analysis
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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
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