When price, MR and AR are equal, market is called:
When price, MR and AR are equal, market is called:
perfect competition | |
oligopoly | |
monoply | |
monopolistic competition |
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The entry in firms in monopoly is:
The entry in firms in monopoly is:
with the permission of Govt. | |
prohibited | |
free | |
conditional |
Under perfect competition, demand of commodity is:
Under perfect competition, demand of commodity is:
less elastic | |
more elastic | |
perfect elastic | |
inelastic |
Firm’s equilibrium is at that point where:
Firm’s equilibrium is at that point where:
MC = AVC | |
MC = MR | |
MC = AC | |
MC = AR |
Under perfect competition, a firm is in equilibrium when:
Under perfect competition, a firm is in equilibrium when:
P = MC | |
TR = MR | |
MR = MC | |
MR = P |
Average revenue curve under perfect competition is:
Average revenue curve under perfect competition is:
Positively sloped | |
Horizontal | |
Vertical | |
Negatively sloped |
A monopolistic firm has control of:
A monopolistic firm has control of:
Whole market supply by a few firms | |
Whole market supply by two firms | |
None of these | |
Whole market supply by one firm |
In perfect competition the average revenue curve is:
In perfect competition the average revenue curve is:
Declining | |
Rising | |
Vertical | |
Horizontal |
Under monopoly average revenue curve remains the marginal re
Under monopoly average revenue curve remains the marginal revenue curve:
Above | |
Below | |
None of these | |
parallel |
Price is determined under perfect competition:
Price is determined under perfect competition:
By buyers | |
By Government | |
By sellers | |
By forces of demand and supply |
Price is equal to:
Price is equal to:
Marginal cost | |
Average cost | |
Average revenue | |
Marginal revenue |
In short run, a monopolist firm usually gains:
In short run, a monopolist firm usually gains:
Normal loss | |
Abnormal loss | |
Normal profit | |
Abnormal profit |
Shut down point appears when:
Shut down point appears when:
AR > AC | |
AC = MC | |
AR < AVC | |
AR = AVC |
A monopolist firm usually earns:
A monopolist firm usually earns:
Normal Profit | |
Minimum loss | |
Abnormal profit or super normal profit | |
Abnormal loss |
Which is not included in variable costs:
Which is not included in variable costs:
rent of building | |
wages of labour | |
advertisement expenditure | |
price of raw material |
When a firms average total cost is equal to price, then it
When a firms average total cost is equal to price, then it is called as:
abnormal loss | |
abnormal profit | |
normal loss | |
normal profit |
Which is the demand curve of a firm:
Which is the demand curve of a firm:
Total Revenue Curve (TR) | |
Average Revenue Curve (AR) | |
Marginal Revenue Curve (MR) | |
Average Cost Curve (AC) |
In short run, average cost curve is:
In short run, average cost curve is:
U shaped | |
positive sloped | |
L shaped | |
negative sloped |
When average cost is minimum, marginal cost is _____ average
When average cost is minimum, marginal cost is _____ average cost:
less than | |
more than | |
very high of | |
equal to |
When average cost falls, marginal cost is _____ average cost
When average cost falls, marginal cost is _____ average cost:
less than | |
equal to | |
minor of | |
more than |