Economics Equilibrium of firm Perfect Competition and Monopoly Test 01 Preparation Online Equilibrium of firm Perfect Competition and Monopoly Test 01 Preparation Online 1. Under perfect competition:A. AR = MRB. AC = AVCC. AR = MCD. AR = AC Loading... 2. In monopoly and perfect competition the cost curves are:A. SameB. DifferentC. Opposite D. None of these Loading... 3. If a firm shuts down temporarily, it will incur loss equal to:A. TVCB. AFCC. AVCD. TFC Loading... 4. A firm decides to exit the industry when:A. AC starts risingB. MC starts risingC. Price is less than LACD. TC starts rising Loading... 5. Profit is maximum when:A. TC and TR curves are parallelB. MC and MR curves are parallelC. TC and TR curves cross each other D. AC and AR curves cross each other Loading... 6. When a competitive firm achieves long run equilibrium then:A. P = MCB. P = ATCC. All of the aboveD. MR = MC Loading... 7. The necessary condition for equilibrium position of a firm is:A. MC = MRB. MC > PriceC. MC = ACD. MR = MC Loading... 8. The most efficient scale of production of a firm is where:A. SAC is minimumB. LAC is minimum C. LMC is minimumD. SMC is minimum Loading... 9. 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... 10. A firm should shut down in the short run if it is not covering its:A. Variable costB. Total cost C. Fixed costD. Explicit cost (money outlays) Loading... Loading... Related PostsEquilibrium of National income Test 01 Preparation OnlineMarket Equilibrium Test 1 Mcqs Online PreparationFPSC CSS Result 2022 OnlineFederal Govt Employees Housing Authority Jobs 2023 NTS…AMC Rawalpindi MBBS/BDS Fee Structure 2023Sindh JEST PST Jobs 2023 STS Form Download Continue Reading Previous Demand and Supply Mcqs Test 08 Preparation OnlineNext Equilibrium of National income Test 01 Preparation Online Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Δ