| 1 |
There are large number of seller and buyers in the market but none is able to influence market price. such a market is called |
- A. free
- B. open
- C. regular
- D. competitive
|
| 2 |
If Bali burgers find that their MC of burgers is less than MR they would try to |
- A. expand business
- B. reduce business
- C. continue as before
- D. close business
|
| 3 |
Normal profit is |
- A. part of total cost
- B. part of economic profit
- C. part of fixed cost
- D. total revenue minus total cost
|
| 4 |
TR increase at a constant rate under: |
- A. monopoly
- B. Monopolistic
- C. Perfect competition
- D. Oligopoly
|
| 5 |
A firm attains equilibrium under monopoly where: |
- A. AR = MR
- B. AC = MC
- C. MR = MC
- D. AR = AC
|
| 6 |
A firms reaches its shut down point where: |
- A. AC > AR
- B. AC = AR
- C. AC< AR
- D. AVC = AR
|
| 7 |
When TR of a competitive firm is equal to its TC, the firm attains. |
- A. Normal profit
- B. Super normal profit
- C. Sub-normal profit
- D. Shutdown point
|
| 8 |
Total cost = Total variable cost in the. |
- A. Marked period
- B. Short run
- C. Long run
- D. None of the three
|
| 9 |
The basic goal of a firm is to |
- A. maximize revenues
- B. maximize employees' welfare
- C. maximize profit
- D. maximize output
|
| 10 |
A firm will be in equilibrium where. |
- A. Its total profit is high
- B. Its cot is minimum
- C. It produces at a level of output which its profit is minimum or loss in minimum
- D. None of the three
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