Class XII

In the long run the market price of a commodity is equal to its minimum average cost of production under the___________?
  1. Monopolist competition
  2. Perfect competition
  3. Oligopoly
  4. Monopoly
When AR=Rs. 10 and AC=Rs. 8, the firm makes?
  1. Net profit
  2. Normal profit
  3. Supernormal profit
  4. Gross profit
The revenue of a firm per unit sold is its
  1. TC
  2. MR
  3. TR
  4. AR
2. When ___________, the firms are earning just normal profit:
  1. MC=AC
  2. MC=MR
  3. AR=MR
  4. AC=AR
The break- even point is only where MR=MC
  1. None of these
  2. Can’t say
  3. Yes
  4. No
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