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

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

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

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

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

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

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

9. A firm decides to exit the industry when:
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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