The theory of the firm under perfect competition — Economics STD 12 Humanities & Commerce — Question

______ items are those items which do not create a liability or do not lead to reduction in assets.

1. Capital.
2. Development.
3. Non-development.
4. Revenue.

Under monopoly form of market, TR is maximum when:

1. MR is maximum.
2. MR.
3. MR > 0.
4. MR is zero.

When TP is at its point of inflexion, the MP is:

1. Falling.
2. Negative.
3. Zero.
4. Maximum.

Average revenue is defined as:

1. Revenue per unit of commodity.
2. Addition to revenue when one more unit of the commodity is sold.
3. Proceeds from the sale of the commodity.
4. All of the above.

Equilibrium output, income and employment can be determined at economic equilibrium point when (Where, Y = National Income, C = Consumption, S = Savings, I = Investment)

1. Y = C
2. AS = AD
3. S = 1
4. Both (b) and (c)

Which items are excluded in BoT, but included in BOP?

1. Visible items.
2. Invisible items.
3. Private capital.
4. Both (b) and (c).

Which concept is known as the study of aggregates?

1. Microeconomics.
2. Macroeconomics.
3. Market demand.
4. Aggregate demand.

Marginal revenue of a firm is constant throughout under:

1. Perfect competition.
2. Monopolistic competition.
3. Oligopoly.
4. All the above.

Shape of PPC is:

1. Downward slopping concave to the origin
2. Downward sloping convex to the origin
3. Downward sloping straight line to the origin
4. All of the above

The firm and the industry are one and the same in __________.

1. Perfect competition.
2. Monopolistic competition.
3. Duopoly.
4. Monopoly.