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. In monopoly and perfect competition the cost curves are:
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. The necessary condition for equilibrium position of a firm is:
A.
B.
C.
D.

4. If a firm shuts down temporarily, it will incur loss equal to:
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. When a competitive firm achieves long run equilibrium then:
A.
B.
C.
D.

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


 

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