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 - 2
Question 1:
In the long run the market price of a commodity is equal to its minimum average cost of production under the___________?
(a) Monopolist competition
(b) Perfect competition
(c) Oligopoly
(d) Monopoly
Correct Answer – (B)
Question 2:
When AR = Rs. 10 and AC = Rs. 8, the firm makes?
(a) Gross profit
(b) Super normal profit
(c) Normal profit
(d) Net profit
Correct Answer – (B)
Question 3:
A firm can sell as much as it wants at the market price. The situation is related to?
(a) Monopoly
(b) Monopolistic competition
(c) Perfect competition
(d) Oligopoly
Correct Answer – (C)
Question 4:
Which of the following type of competition is just a theoretical economic concept, not a realistic case where actual competition and trade take place?
(a) Monopolistic competition
(b) Monopoly
(c) Oligopoly
(d) Perfect competition
Correct Answer – (D)
Question 5:
In the perfectly competitive market, in the long run, competitive prices equal the minimum possible ________ cost of good?
(a) Average
(b) Total
(c) Variable
(d) Marginal
Correct Answer – (A)
MCQ Questions Class 11 The Theory of the Firm under Perfect Competition With Answers
Question 6:
A competitive firm in the short run incurs losses. The firm continues production, if?
(a) P = AVC
(b) P > AVC
(c) P < AVC
(d) P > = AVC
Correct Answer – (D)
Question 7:
Globalization has made Indian Market as?
(a) Seller market
(b) Buyer market
(c) Monopsony market
(d) Monopoly market
Correct Answer – (B)
Question 8:
In perfect competition, which of the following curves generally lies below the demand curve and slopes downward?
(a) Average revenue
(b) Average cost
(c) Marginal revenue
(d) Marginal cost
Correct Answer – (C)
Question 9:
In perfect competition, in the long run, if a new firm enters the industry the supply curve shifts to the right resulting in_________?
(a) Reduction in supply
(b) No change in price
(c) Fall in price
(d) Rise in price
Correct Answer – (C)
Question 10:
In perfect competition, a firm earns profit when __________ exceeds the _____________?
(a) Total revenue, total fixed cost
(b) Marginal cost, marginal revenue
(c) Average revenue, average cost
(d) Total cost, total revenue
