CBSE Class 11 The Theory of the Firm under Perfect Competition Multiple Choice Questions with Answers. MCQ Questions Class 11 The Theory of the Firm under Perfect Competition with Answers Is Prepared Based on Latest Exam Pattern. Students can solve NCERT MCQ questions Class 11 The Theory of the Firm under Perfect Competition with Answers to know their preparation level.
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MCQ Questions Class 11 The Theory of the Firm under Perfect Competition with Answers - Set - 3
Question 1:
Monopoly means:
(a) Single firm
(b) No close substitutes
(c) Barriers to entry
(d) All of the above
Correct Answer – (C)
Question 2:
In which market structure, price and output solution is indeterminate?
(a) Oligopoly
(b) Monopolistic competition
(c) Perfect competition
(d) Monopoly
Correct Answer – (A)
Question 3:
When supply increases and there is no change in demand, then equilibrium price ………………. and quantity ………………. .
(a) Falls, rises
(b) Rises falls
(c) Rises rises
(d) Falls, falls
Correct Answer – (A)
Question 4:
Demand curve is elastic under:
(a) Perfect competition
(b) Monopoly
(c) Monopolistic competition
(d) All of the above
Correct Answer – (C)
Question 5:
Equilibrium price and output changes when:
(a) Demand changes
(b) Supply changes
(c) Both demand and supply changes
(d) All of the above
Correct Answer – (C)
MCQ Questions Class 11 The Theory of the Firm under Perfect Competition With Answers
Question 6:
Homogenous product means products are:
(a) Similar
(b) Close substitutes
(c) Quite alike
(d) None of the above
Correct Answer – (C)
Question 7:
When supply decreases and there is no change in demand, then equilibrium price ………………. and quantity ………………. .
(a) Falls, rises
(b) Rises, falls
(c) Rises, rises
(d) Falls, falls
Correct Answer – (B)
Question 8:
Few firms exist under:
(a) Perfect competition
(b) Oligopoly
(c) Monopolistic competition
(d) Both perfect and monopolistic competition
Correct Answer – (B)
Question 9:
When demand increases with no change in supply, equilibrium price ……………….and quantity ………………. .
(a) Rises, rises
(b) Rises, falls
(c) Falls, falls
(d) Falls, rises
Correct Answer – (A)
Question 10:
While a seller under perfect competition equates price and MC to maximize profits a monopolist should equate?
(a) MR and MC
(b) AR and MR
(c) AR and MC
(d) TC and TR
