Top 350+ Solved Micro economics 2 MCQ Questions Answer

From 91 to 105 of 399

Q. Uniform price is a feature of

a. Perfect competition

b. Monopoly

c. Monopolistic competition

d. Oligopoly

  • a. Perfect competition

Q. Which of the following is not a feature of a perfectly competitive market

a. Large number of buyers and sellers

b. Homogeneous product

c. Group behaviour

d. Perfect competition

  • c. Group behaviour

Q. A perfectly competitive firm gets only normal profit when

a. MC = MR

b. AC = AR

c. AC < AR

d. MC = AR

  • b. AC = AR

Q. Which one of the following is a feature of a perfect competition

a. Group behavior

b. Selling cost

c. Homogeneous product

d. Differentiated product

  • c. Homogeneous product

Q. Average revenue curve under perfect competition is

a. Upward sloping

b. Downward sloping

c. Horizontal straight line

d. Vertical straight line

  • c. Horizontal straight line

Q. Marginal revenue curve under perfect competition is

a. Upward sloping

b. Downward sloping

c. Horizontal straight line

d. Vertical straight line

  • c. Horizontal straight line

Q. Average revenue curve under imperfect competition is

a. Upward sloping

b. Downward sloping

c. Horizontal straight line

d. Vertical straight line

  • d. Vertical straight line

Q. Marginal revenue curve under imperfect competition is

a. Upward sloping

b. Downward sloping

c. Horizontal straight line

d. Vertical straight line

  • d. Vertical straight line

Q. Perfect competition prevails when the demand for the output ofeach producer is

a. Elastic

b. Perfectly elastic

c. Inelastic

d. Perfectly inelastic

  • d. Perfectly inelastic

Q. Equilibrium price is determined under perfect competition by

a. The market demand

b. The market supply

c. The interaction between market demand and market supply

d. None of the above

  • c. The interaction between market demand and market supply

Q. In the market period, market supply curve is

a. Perfectly elastic

b. Perfectly inelastic

c. Elastic

d. Inelastic

  • b. Perfectly inelastic

Q. Given the supply of a commodity, in the market period, the price ofa commodity is determined by

a. The market demand curve alone

b. The market supply curve alone

c. The market demand curve and the market supply curve

d. None of the above

  • a. The market demand curve alone

Q. Total profits are maximized where

a. TR equals TC

b. TR curve and TC curve are parallel

c. TR curve and TC curves are parallel and TC exceeds TR

d. TR curve and TC curves are parallel and TR exceeds TC

  • d. TR curve and TC curves are parallel and TR exceeds TC

Q. The equality between MC and MR is

a. A necessary condition for equilibrium of the firm under perfect condition

b. A sufficient condition for equilibrium of the firm under perfect competition

c. A necessary but not sufficient condition for equilibrium of the firm under perfect condition

d. A necessary and sufficient condition for equilibrium of the firm under perfect condition

  • c. A necessary but not sufficient condition for equilibrium of the firm under perfect condition

Q. In the short-run, a competitive firm can earn

a. Normal profit

b. Super normal profit

c. Loss

d. Either A or B or C depending

  • d. Either A or B or C depending
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