Class XII

Supernormal profit occur, when?
  1. Average revenue is equal to average cost
  2. Total revenue is equal to total cost
  3. Average revenue is more than average cost
  4. Total revenue is equal to variable cost
What are the conditions for the long run equilibrium of the competitive firm?
  1. LMC=LAC=P
  2. SMC=SAC=LMC
  3. P=MR
  4. All of the above
Under perfect competition the number of firms
  1. Is about 10
  2. Is limited
  3. Is large
  4. Are many but limited
The relationship between TR and MR when price is constant.
  1. The values decrease
  2. MR will be constant but TR is a positively sloped straight line
  3. The values are same
  4. The values increase
If the price of the commodity falls by 10 %% and consequently the quantity supplied rises by 20 %%, then the elasticity of supply will be
  1. Can’t say
  2. 1
  3. -2
  4. 0.5
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