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MICROECONOMICS CH : 10 PRODUCER'S EQUILIBRIUM Economics - MICROECONOMICS CH : 10 PRODUCER'S EQUILIBRIUM

CBSE - STD 11 Commerce - Economics (CBSE - English Medium). 107 questions in this chapter.

Question types

MICROECONOMICS CH : 10 PRODUCER'S EQUILIBRIUM question types

107 questions across 9 question groups — pick any mix to generate a Economics paper with step-by-step answer keys.

107
Questions
9
Question groups
5
Question types
Sample Questions

MICROECONOMICS CH : 10 PRODUCER'S EQUILIBRIUM questions

One sample from each question group in this chapter. Select any group above to see the full set with answer keys.

Q 63 Marks Question3 Marks
Given below is a cost and revenue schedule of a producer. At what level of output is the producer in equilibrium? Give reasons for your answer.
Output (Units)Total Revenue (₹)Marginal Cost (₹)
11514
21624
31730
41851
51975
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Q 114 Marks Question4 Marks
From the following information about a firm, find the firm's equilibrium output in terms of marginal cost and marginal revenue. Give reasons. Also find profit at this output.
Output (Units)Total Revenue (₹)Total Cost (₹)
167
21213
31817
42423
53031
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Q 124 Marks Question4 Marks
From the following information about a firm, find the firm's equilibrium output in terms of marginal cost and marginal revenue. Give reasons. Also find profit at this output.
Output (Units)Total Revenue (₹)Total Cost (₹)
178
21415
32121
42828
53536
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Q 134 Marks Question4 Marks
From the following total cost and total revenue schedule of a firm, find out the level of output, using marginal cost and marginal revenue approach, at which the firm would be in equilibrium. Give reasons for your answer.
Output (Units)Total Revenue (₹)Total Cost (₹)
1108
21815
32421
42825
53033
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Q 144 Marks Question4 Marks
Given below is the cost schedule of a product produced by a firm. The market price per unit of the product at all levels of output is ₹ 12. Using marginal cost and marginal revenue approach, find out the level of equilibrium output. Give reasons for your answer:
Output (Units)123456
Average Cost (₹)1211101010.411
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Q 166 Marks Question6 Marks
A firm under perfect competition will not suspend production even when P < AC, but it will definitely do so if P < AVC. Explain the fact using a suitable diagram.
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Q 186 Marks Question6 Marks
Why will a profit maximising firm in a competitive market never strike its equilibrium in a state when MC is falling? Explain your answer using a suitable diagram.
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Q 25M.C.Q (1 Marks)1 Mark
When a firm is able to cover its variable costs only, it will be at:
  • A
    break-even point
  • B
    equilibrium point
  • ✓
    shut-down point
  • D
    none of these

Answer: C.

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Q 36Assertion (A) & Reason (B) MCQ1 Mark
Assertion (A) : If minimum return is not available, a producer withdraws his capital from the existing use and shits it to some other use.
Reason (R) : Normal profits refer to the minimum return that the producer expects from his capital invested in the business.
  • ✓
    Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A
  • B
    Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A)
  • C
    Assertion (A) is true but Reason (R) is false
  • D
    Assertion (A) is false but Reason (R) is true

Answer: A.

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Q 37Assertion (A) & Reason (B) MCQ1 Mark
Assertion (A) : At producer's equilibrium, MR MC and MC must be rising at the equilibrium level of output.
Reason (R) : At producer's equilibrium, AR should at least be equal to AVC.
  • A
    Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A
  • ✓
    Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A)
  • C
    Assertion (A) is true but Reason (R) is false
  • D
    Assertion (A) is false but Reason (R) is true

Answer: B.

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Q 38Assertion (A) & Reason (B) MCQ1 Mark
Statement 1: Profits are said to be normal when TR = TC.
Statement 2: Profits are said to be abnormal when TR > TC.
  • ✓
    Both the statements are true
  • B
    Both the statements are false
  • C
    Statement 1 is true and Statement 2 is false
  • D
    Statement 2 is true and Statement 1 is false

Answer: A.

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Q 39Assertion (A) & Reason (B) MCQ1 Mark
Statement 1: MR = MC is a necessary condition for producer's equilibrium.
Statement 2: Equilibrium always refers to a situation when profits are maximised.
  • A
    Both the statements are true
  • B
    Both the statements are false
  • ✓
    Statement 1 is true and Statement 2 is false
  • D
    Statement 2 is true and Statement 1 is false

Answer: C.

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Q 402 Marks Question2 Marks
"Discovery of natural gas in the international market leads to a cut in the petrol and diesel prices." Explain the economic theory to analyse the impact of the statement on the cost of production of the transport firms in India. Also analyse its impact on the cost of transportation.
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