The Theory of the firm Under Perfect Competition MCQ Questions Class 12 Economics Chapter 4
NCERT MCQ Questions for Class 12 Economics Chapter 4 The Theory of the firm Under Perfect Competition. The Theory of the firm Under Perfect Competition MCQ Questions with Answers from Class 12 Economics.
1.) Which of the following is features of perfectly competitive market .
(a) A large number of buyers and sellers
(b) homogenous product.
(c) Information is perfect
(d) All of the above
Ans – option (d)
2.) In perfect competitive the seller are
(a)Price taker
(b)Price maker
(c)both (a) and (b)
(d)none of there
Ans -Option (a)
3.) The market price of the good (p) multiplied by the firm’soutput (q) defined
(a)Total revenue
(b) marginal revenue
(c) Average revenue
(d)none of there
Ans-option (a)
4.) Total revenueper unit of output defined
(a) Total revenue
(b) Average Revenue
(c) marginal revenue
(d)none of there
Ans-option (b)
- In case you have missed:- Previous Chapter MCQ Questions
5.) The increase in totalrevenue for a unit increase in the firm’s output defined
(a) Average Revenue
(b)Total revenue
(c) Marginal revenue
(d)none of the above
Ans – Option (c)
6.) The difference between total revenue and totalcost of production defined
(a) Deficit
(b)loss
(c) Profit
(d)none of the above
Ans – option (c)
7.) The minimum level of profit that is needed to keep a firm in the existing business is defined as
(a)Super normal profit
(b)Normal profit.
(c) Profit
(d)Loss
Ans -Option (b)
8.) Profit that a firm earns over and above the normal profit iscalled
(a) Normal profit
(b) Profit
(c)Loss
(d) Super-normal profit
Ans -Option (d)
- In case you have missed:- Next Chapter MCQ Questions
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