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

  • 1. 
    When ___________, the firms are earning just normal profit:

  • AC = AR
  • MC = AC
  • AR = MR
  • MC = MR

  • 2. 
    Which of the following is the condition for equilibrium of a firm?

  • MC curve must cut MR curve from above
  • MR = MC
  • None of above
  • Both of these

  • 3. 
    In perfect competition, since the firm is a price taker, the ________ curve is straight line

  • Total cost
  • Marginal cost
  • Total revenue
  • Marginal revenue

  • 4. 
    Other name by which average revenue curve known:

  • Indifference curve
  • Profit curve
  • Average cost curve
  • Demand curve
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