Download App

The theory of the firm under perfect competition — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsThe theory of the firm under perfect competition1 Mark
Question
Explain the producer's equilibrium.
OR
Give meaning of producer's equilibrium.
✓

Answer

A producer is said to be in equilibrium when he produces that level of output at which his profits are maximum. Producer's equilibrium is also known as profit maximisation situation.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "1 Marks Question" from The theory of the firm under perfect competition→The theory of the firm under perfect competition — all question types→Economics STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

A producer borrows money to run a business but manages the business himself. Identify implicit cost.
→
A farmer invests his own saving in doing farmings but hires labour to do work. Identify implicit cost.
→
What is the relation between marginal cost and average cost when average cost is constant?
→
When does a demand curve shift?
→
The Average Cost of producing 5 units of a good is 76 and that of producing 6 units is 5. What is the Marginal Cost of producing 6 units?
→
Give two examples of monopolistically competitive market.
→
What is meant by cost in economics?
→
Define perfectly elastic demand.
→
What is the behaviour of Marginal Revenue in a market in which a firm can sell any quantity of the output it produces at a given price?
→
Define price line.
→