| 1 |
Monopolist firm in the long run |
- A. Always faces loss
- B. Usually faces loss
- C. Usually earns normal profit
- D. Always earns abnormal profit
|
| 2 |
A monopolist controls the supply |
- A. Totally
- B. Partially
- C. More
- D. Not at all
|
| 3 |
A monopolistic firm has control of |
- A. Whole market supply by one firm
- B. Whole market supply by two firms
- C. Whole market supply by a few firms
- D. None of these
|
| 4 |
Under monopoly, in the long run a firm |
- A. Earns normal profit
- B. Earns abnormal profit
- C. Bears minimum loss
- D. Bears abnormal loss
|
| 5 |
If a monopolist wants to increase the sale of its product, it will have to --------- the price of its good |
- A. Decrease
- B. Increase
- C. Keep constant
- D. None of the three
|
| 6 |
Under perfect competition, marginal revenue and average revenue curves |
- A. Moves from left to right upward
- B. Moves from left to right downward
- C. Remain parallel to x-axis
- D. Remain parallel to y-axis
|
| 7 |
Till marginal cost curve remains below the marginal revenue curve, from the economic point of view, increase in production for a firm is |
- A. Beneficial
- B. Unbeneficial
- C. May be beneficial or unbeneficial
- D. Neither beneficial nor unbeneficial
|
| 8 |
When total production is maximum, marginal product is: |
- A. Positive
- B. Negative
- C. Zero
- D. Infinite
|
| 9 |
A firm earns normal profit |
- A. When price of the commodity is equal to average cost
- B. When price of the commodity is more than average cost
- C. When price of the commodity is less than average cost
- D. When total revenue is more than total costs
|
| 10 |
Industry is in equilibrium under perfect competition in the long run, when every existing firm in the industry |
- A. Is earning abnormal profit
- B. Is earning normal profit
- C. Is facing minimum loss
- D. Is facing abnormal loss
|
