| 1 |
Total cost = Total variable cost in the. |
- A. Marked period
- B. Short run
- C. Long run
- D. None of the three
|
| 2 |
A firm attains sub-normal profit when: |
- A. AR = AC
- B. AR < AC
- C. AR > AC
- D. TR < TC
|
| 3 |
Economic profit is |
- A. part of total cost
- B. total revenue minus total cost
- C. total revenue minus variable cost
- D. total variable cost minus total fixed cost
|
| 4 |
Normal profit is |
- A. part of total cost
- B. part of economic profit
- C. part of fixed cost
- D. total revenue minus total cost
|
| 5 |
profit is a maximum when |
- A. TC and TR curves are parallel
- B. MC and MR curves are parallel
- C. AC and AR curves are parallel
- D. TFC and TVC are parallel
|
| 6 |
Compare with monopoly price, the competitive price ids always: |
- A. Less than monopoly price
- B. More than monopoly pruce
- C. Equal to monopoly price
- D. Non of the three
|
| 7 |
A firm attains sub-normal profit under perfect competition when its: |
- A. AR = P (Price)
- B. AR < P
- C. AC = P
- D. AC < P
|
| 8 |
The necessary condition for equilibrium position of a firm is |
- A. MC > MR
- B. MC > price
- C. MC = MR
- D. MC = AC
|
| 9 |
An economic unit, which is independent to take decisions regarding the production and sale of goods are called |
- A. Firm
- B. Organization
- C. Both a and b
- D. None of these
|
| 10 |
When MR = MC , a firm. |
- A. Does not attain a equilibrium position
- B. Suffers from loss
- C. Attains its equilibrium position
- D. Attains profit
|
