Economics MCQS with Answers 1st Year Chapter 15

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Economics MCQS with Answers 1st Year
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A market competition from in which there are very large number of firms producing a homogeneous commodity are called
Under perfect competition
Equilibrium of firm
Perfect competition
None of these

When a competitive firm achieves long run equilibrium then
P = ATC
P= MC
all of the above
MR = MC

The demand for a factor depends on its.
MRP < ARP
MRP = ARP
MRP
ARP

One of the following is not assumption of the marginal productivity theory.
There is perfect mobility of factor of production
Units of each factors of production are identical
Law of increasing return applies in the production process.
All factors of production are present substitutes of each other.

How many condition of equilibrium of firm
3
2
4
5

MRP curve of a factor represents the.
Either demand or supply curve of the factor
Supply curve of the factor
Demand curve of the factor
None of the three

The shape of marginal revenue product (MRP) curve is
Positive
Flatter
Steeper
Inverted U

Under perfect competition
AC = AVC
AR= MR
AR = AC
AR = MC

If a firm shuts down temporarily, it will incur loss equal to
AFC
TVC
AVC
TFC

The reward for a factor is determined by the marginal revenue product of the factor . it was said by:
Carver
Hansen
Taussing
J.M. Keynes

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