Economics Equilibrium of firm Perfect Competition and Monopoly Test 01 Preparation Online 0 Equilibrium of firm Perfect Competition and Monopoly Test 01 Preparation Online 1. When a competitive firm achieves long run equilibrium then:A. P = ATCB. P = MCC. All of the aboveD. MR = MC Loading... 2. Normal profit is called normal because:A. It is minimum acceptable to the producerB. It is minimum which buyer wants to payC. It is the maximum allowed by govt.D. It is neither very high nor very low Loading... 3. The most efficient scale of production of a firm is where:A. SAC is minimumB. LMC is minimumC. SMC is minimumD. LAC is minimum Loading... 4. In monopoly and perfect competition the cost curves are:A. Opposite B. DifferentC. None of theseD. Same Loading... 5. A firm decides to exit the industry when:A. AC starts risingB. MC starts risingC. Price is less than LACD. TC starts rising Loading... 6. The necessary condition for equilibrium position of a firm is:A. MC = MRB. MC > PriceC. MR = MCD. MC = AC Loading... 7. A firm should shut down in the short run if it is not covering its:A. Total cost B. Fixed costC. Variable costD. Explicit cost (money outlays) Loading... 8. Profit is maximum when:A. TC and TR curves are parallelB. AC and AR curves cross each otherC. MC and MR curves are parallelD. TC and TR curves cross each other Loading... 9. Under perfect competition:A. AC = AVCB. AR = ACC. AR = MRD. AR = MC Loading... 10. If a firm shuts down temporarily, it will incur loss equal to:A. AFCB. TVCC. AVCD. TFC Loading... Loading... Related PostsMarket Equilibrium Test 1 Mcqs Online PreparationEquilibrium of National income Test 01 Preparation OnlineFPSC CSS Result 2022 OnlineFederal Govt Employees Housing Authority Jobs 2023 NTS…AMC Rawalpindi MBBS/BDS Fee Structure 2023Sindh JEST PST Jobs 2023 STS Form DownloadKPK Polio Eradication Jobs 2023 Apply OnlineTop Online Schools for Business AdministrationPPSC Test Preparation Books Past Paper MCQs PDFPOF Registration Slip 2023 Download by www.pof.gov.pk Continue Reading Previous Demand and Supply Mcqs Test 08 Preparation OnlineNext Equilibrium of National income Test 01 Preparation Online More Stories Economics Economics Quiz 04 Preparation Online 0 Economics Economics Quiz 03 Preparation Online 0 Economics Economics Quiz 02 Preparation Online 0 Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Δ
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