Economics MCQS with Answers 1st Year Chapter 14

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Economics MCQS with Answers 1st Year


A firm attains equilibrium under monopoly where:
AR = MR
AC = MC
MR = MC
AR = AC

A competitive firm is in equilibrium in the long-run where:
None of the three
ME = AR = LMC = P
MR = AR = LMC = LAC
MR < AR = LMC <LAC

TR increase at a constant rate under:
Perfect competition
Oligopoly
Monopolistic
monopoly

An economic unit, which is independent to take decisions regarding the production and sale of goods are called
Organization
Firm
Both a and b
None of these

When a competitive firm faces loss the slop of its MR curve is:
Unity
Zero
Negative
Positive

A firm attains equilibrium under monopoly if:
MC curve intersect MR curve from below. MC = AC = MR
Any one of the above situations
MC curve intersects MR from above
AR = MR
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