MCQ Economics Class 12 Chapter 4 The Theory of Firm Under Perfect Competition Microeconomics

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MCQ’s For All Chapters – Microeconomics Class 12th

1. Which of the following is a defining feature of perfect competition?

Question 1 of 20

2. In perfect competition, firms produce and sell a:

Question 2 of 20

3. What does free entry and exit mean in a perfectly competitive market?

Question 3 of 20

4. Perfect information means that buyers and sellers are completely informed about:

Question 4 of 20

5. The most distinguishing characteristic of perfect competition is:

Question 5 of 20

6. If a firm in perfect competition charges a price above the market price, it will:

Question 6 of 20

7. Total revenue of a firm is calculated as:

Question 7 of 20

8. If the market price is Rs 10 and a firm sells 5 units, its total revenue is:

Question 8 of 20

9. When output is zero, total revenue is:

Question 9 of 20

10. The total revenue curve of a price-taking firm is:

Question 10 of 20

11. The slope of the total revenue curve of a price-taking firm is equal to:

Question 11 of 20

12. Average revenue is defined as:

Question 12 of 20

13. For a price-taking firm, average revenue is equal to:

Question 13 of 20

14. The price line of a perfectly competitive firm is:

Question 14 of 20

15. The demand curve facing a perfectly competitive firm is:

Question 15 of 20

16. Marginal revenue is defined as the:

Question 16 of 20

17. For a perfectly competitive firm, marginal revenue is equal to:

Question 17 of 20

18. The profit of a firm is defined as:

Question 18 of 20

19. For profit to be maximum, marginal revenue should be:

Question 19 of 20

20. For a perfectly competitive firm, the profit-maximising output is determined by:

Question 20 of 20


 

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