Class XII

At producer’s equilibrium when MR=MC, the firm earns only
  1. Abnormal profit
  2. Normal loss
  3. Abnormal loss
  4. Normal Profit
If under perfect competition, the price lies below the average cost curve, the firm would?
  1. Make only normal profits
  2. Profit cannot be determined
  3. Incur losses
  4. Make abnormal profits
In perfect competition, a firm earns profit when __________ exceeds the _____________?
  1. Total cost, total revenue
  2. Marginal cost, marginal revenue
  3. Total revenue, total fixed cost
  4. Average revenue, average cost
Under perfect competition the number of firms
  1. Is about 10
  2. Is limited
  3. Is large
  4. Are many but limited
Marginal revenue in any competitive situation is?
  1. TRn-TRn-1
  2. TRn/Qn-1
  3. Trn-Pn-1
  4. None of above
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