CBSE  /  Class 11  /  Economics  /  The Theory of the Firm under Perfect Competition

  • 1. 
    Marginal revenue in any competitive situation is?

  • TR
  • TR
  • TR
  • None of above

  • 2. 
    A rational consumer is a person who?

  • Has perfect knowledge of the market
  • Is not influenced by persuasive advertising
  • Behaves at all times, other things being equal, in a judicious manner
  • Knows the prices of goods in different market and buys the cheapest

  • 3. 
    In which of the following types of market structures, are resources, assumed to be mobile?

  • Oligopoly
  • Perfect competition
  • Monopolistic competition
  • Monopoly

  • 4. 
    At producer’s equilibrium when MR = MC, the firm earns only

  • Abnormal loss
  • Abnormal profit
  • Normal Profit
  • Normal loss

  • 5. 
    Beyond producer’s equilibrium when MR

  • Abnormal profit
  • Normal loss
  • Abnormal loss
  • Normal Profit

  • 6. 
    Before producer’s equilibrium when MR > MC, the firm earns only

  • Normal Profit
  • Normal loss
  • Abnormal loss
  • Abnormal profit

  • 7. 
    A producer’s equilibrium is a situation when

  • AR = MR
  • MR = MC
  • AR = AC
  • TR = TC

  • 8. 
    The elasticity at a point on a straight line supply curve passing through the origin will be

  • 3. 0
  • 1. 0
  • 4. 0
  • 2. 0

  • 9. 
    The elasticity at a point on a straight-line supply curve passing through the origin making an angle of 45° will be

  • 4. 0
  • 2. 0
  • 3. 0
  • 1. 0

  • 10. 
    Under perfect competition the number of firms

  • Is about 10
  • Are many but limited
  • Is large
  • Is limited
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