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Equilibrium of firm Perfect Competition and Monopoly Test 01 Preparation Online

— May 21, 2018 in Economics • add comment

Test Instructions

Equilibrium of firm Perfect Competition and Monopoly Test 01 Preparation Online

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

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

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

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

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

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

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

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

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

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


 

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