Q. Which is the first-order condition for the profit of a firm to be maximum? AC = MR MC = MRMR = AR AC = AR Answer: MC = MR
READ MORE +Demand and Supply MCQs
Q. What is the shape of the demand curve faced by a firm under perfect competition? A. Horizontal B. Vertical ...
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Q. Which of the following is not an essential condition of pure competition? A. Large number of buyers and sellers ...
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Q. A monopolist is able to maximize his profit when: A. His output is maximum B. He charges a high price ...
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Q. With which of the following is the concept of marginal cost closely related? A. Variable cost B. Fixed cost ...
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Q. According to M. Kalecki, the true measure of the degree of monopoly power is the: A. Ratio between price and marginal cost B. ...
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Q. According to current thinking, the law of diminishing returns applies to: A. All fields of production ...
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Q. The cost of one thing in terms of the alternative given up is known as: A. Production cost B. Physical ...
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Q. Elasticity of supply refers to the degree of responsiveness of supply of a commodity to changes in its: A. Demand ...
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Q. An increase in the supply of a commodity is caused by: A. Improvements in its technology B. Fall in the prices of other commodities ...
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Q. What is the shape of the average fixed cost (AFC) curve? A. U-shape B. Horizontal upto a ...
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Q. Which one of the following is also known as plant curves? A. Long-run average cost (LAC) curves ...
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