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 - 1
Question 1:
In perfect competition, when the marginal revenue and marginal cost are equal, profit is?
(a) Maximum
(b) Zero
(c) Negative
(d) Average
Correct Answer – (A)
Question 2:
The product of AR and price at every unit sold is the firm’s
(a) TR
(b) TVC
(c) MR
(d) AR
Correct Answer – (A)
Question 3:
Can TR be a horizontal Straight line?
(a) May be
(b) Can’t say
(c) Yes
(d) No
Correct Answer – (D)
Question 4:
If all units are sold at same price how will it affect AR and MR?
(a) AR > MR
(b) AR = MR
(c) AR + MR = 0
(d) AR < MR
Correct Answer – (B)
Question 5:
Which of the following is an example of perfect competition?
(a) Agriculture
(b) Banking sector
(c) Car manufacturing
(d) Railways
Correct Answer – (A)
MCQ Questions Class 11 The Theory of the Firm under Perfect Competition With Answers
Question 6:
In perfect competition, in the long run, ______________?
(a) There are large profits for the firm
(b) There is no profit and no loss for the firm
(c) There are negligible profits for the firm
(d) There are large losses for the firm
Correct Answer – (B)
Question 7:
The revenue of a firm per unit sold is its
(a) MR
(b) AR
(c) TR
(d) TC
Correct Answer – (B)
Question 8:
What is price line
(a) The demand curve
(b) The AR curve
(c) The MR curve
(d) The TR curve
Correct Answer – (C)
Question 9:
Can MR be negative or zero.
(a) Yes
(b) Can’t say
(c) No
(d) Only negative but not zero
Correct Answer – (A)
Question 10:
The concept of supply curve is relevant only for?
(a) Monopoly
(b) Monopolistic competition
(c) Perfect competition
(d) Oligopoly
