Equilibrium of firm Perfect Competition and Monopoly Test 01 Preparation Online Leave a Comment / Economics / By Shani Malik Equilibrium of firm Perfect Competition and Monopoly Test 01 Preparation Online 1. In monopoly and perfect competition the cost curves are:A. DifferentB. SameC. None of theseD. Opposite Loading... 2. A firm should shut down in the short run if it is not covering its:A. Total cost B. Variable costC. Fixed costD. Explicit cost (money outlays) Loading... 3. The necessary condition for equilibrium position of a firm is:A. MC > PriceB. MC = MRC. MR = MCD. MC = AC Loading... 4. If a firm shuts down temporarily, it will incur loss equal to:A. AVCB. TVCC. AFCD. TFC Loading... 5. Under perfect competition:A. AR = ACB. AC = AVCC. AR = MCD. AR = MR Loading... 6. A firm decides to exit the industry when:A. MC starts risingB. Price is less than LACC. AC starts risingD. TC starts rising Loading... 7. The most efficient scale of production of a firm is where:A. LAC is minimum B. SAC is minimumC. SMC is minimumD. LMC is minimum Loading... 8. Profit is maximum when:A. MC and MR curves are parallelB. TC and TR curves are parallelC. TC and TR curves cross each other D. AC and AR curves cross each other Loading... 9. When a competitive firm achieves long run equilibrium then:A. P = MCB. MR = MCC. All of the aboveD. P = ATC Loading... 10. Normal profit is called normal because:A. It is minimum which buyer wants to payB. It is neither very high nor very lowC. It is minimum acceptable to the producerD. It is the maximum allowed by govt. Loading... Loading... Related NTS Results Post:Islamiat Mcqs Test 03 Online PreparationUrogenital System Test 03 Preparation OnlineUrogenital System Test 09 Preparation OnlineVariations and Mutations Test 01 Preparation OnlineIslamiat Mcqs Test 02 Online PreparationIslamiat Mcqs Test 01 Online PreparationUrogenital System Test 07 Preparation OnlineVariations and Mutations Test 02 Preparation Online
