11th Principles of Economics MCQS Chapter 7

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11th Principles of Economics MCQS
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Shut down point appears, when
AC=AR
AVC<AR
AVC=AR
AVC>AR

If there are large number of firms in some particular industry, then situation is called
Monopoly
Perfect competition
Imperfect competition
Monopolistic competition

Tendency of average revenue curve under monopoly is alwaus
Falls down
Rises up
Parallel to x-axis
Parallel to y-axis

Speed of increase in total revenue remains equal with the increase in output
Under monopoly
Under perfect competition
Under pure competition
Under oligopoly

If the equation is this, MC=MR=AR(P)<AC then the firm
Earns abnormal profit
Bears loss
Bears abnormal loss
Earns normal profit

A monopolistic firm has control of
Whole market supply by two firms
None of these
Whole market supply by one firm
Whole market supply by a few firms

If the demand for commodity being produced increases, then a firm in the short run ——- its variable factors
None of three
Increases
Keeps the same
Decreases

Under monopoly, in the long run a firm
Bears abnormal loss
Earns abnormal profit
Bears minimum loss
Earns normal profit

Monopolist firm in the long run
Usually earns normal profit
Always faces loss
Usually faces loss
Always earns abnormal profit

If a monopolist wants to increase the sale of its product, it will have to ——— the price of its good
Decrease
Keep constant
Increase
None of the three

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