Equilibrium of firm Perfect Competition and Monopoly Test 01 Preparation Online

Test Instructions

Equilibrium of firm Perfect Competition and Monopoly Test 01 Preparation Online

1. Normal profit is called normal because:
A.
B.
C.
D.

2. A firm should shut down in the short run if it is not covering its:
A.
B.
C.
D.

3. When a competitive firm achieves long run equilibrium then:
A.
B.
C.
D.

4. In monopoly and perfect competition the cost curves are:
A.
B.
C.
D.

5. Under perfect competition:
A.
B.
C.
D.

6. A firm decides to exit the industry when:
A.
B.
C.
D.

7. The most efficient scale of production of a firm is where:
A.
B.
C.
D.

8. Profit is maximum when:
A.
B.
C.
D.

9. If a firm shuts down temporarily, it will incur loss equal to:
A.
B.
C.
D.

10. The necessary condition for equilibrium position of a firm is:
A.
B.
C.
D.


 

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