[{"id":100676,"question":"Marginal revenue of a monopolist is","choices":[{"text":"equal to price","value":"A"},{"text":"greater than price","value":"B"},{"text":"less than price","value":"C"},{"text":"increases with output","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":100675,"question":"Marginal revenue is always less than price at all level of output in","choices":[{"text":"perfect competition","value":"A"},{"text":"monopoly","value":"B"},{"text":"both a and b","value":"C"},{"text":"none of the above","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":100674,"question":"A monopoly generally","choices":[{"text":"allocates resources in a socially optimal way","value":"A"},{"text":"encourages greater income equality","value":"B"},{"text":"encourages greater efficiency","value":"C"},{"text":"produces less quantity than the quantity which minimies average cost","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":100673,"question":"A firm should shut down in the short run if it is not covering its","choices":[{"text":"variable cost","value":"A"},{"text":"fixed cost","value":"B"},{"text":"total cost","value":"C"},{"text":"explicit cost","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":100672,"question":"The most efficient scale of production of a firm is where","choices":[{"text":"LAC is minimum","value":"A"},{"text":"SAC is minimum","value":"B"},{"text":"LMC is minimum","value":"C"},{"text":"SMC is minimum","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":100671,"question":"When a competitive firm achieves long run equilibrium then","choices":[{"text":"P= MC","value":"A"},{"text":"MR = MC","value":"B"},{"text":"P = ATC","value":"C"},{"text":"all of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":100670,"question":"The necessary condition for equilibrium position of a firm is","choices":[{"text":"MR > MC","value":"A"},{"text":"MC > price","value":"B"},{"text":"MC = MR","value":"C"},{"text":"MC = AC","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":100669,"question":"Under perfect competition","choices":[{"text":"AC = AVC","value":"A"},{"text":"AR = AC","value":"B"},{"text":"AR = MC","value":"C"},{"text":"AR= MR","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":100668,"question":"If a firm shuts down temporarily, it will incur loss equal to","choices":[{"text":"AFC","value":"A"},{"text":"AVC","value":"B"},{"text":"TFC","value":"C"},{"text":"TVC","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":100667,"question":"Normal profit is called normal because","choices":[{"text":"it is neither very high nor very low","value":"A"},{"text":"it is minimum acceptable to the producer","value":"B"},{"text":"it is minimum which buyer wants to pay","value":"C"},{"text":"it is maximum allowed by govt.","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":100666,"question":"In monopoly and perfect competition the cost curves are","choices":[{"text":"similar","value":"A"},{"text":"different","value":"B"},{"text":"opposite","value":"C"},{"text":"falling in competition rising in monopoly","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":100665,"question":"Profit is maximum when","choices":[{"text":"TC and TR curves are parallel","value":"A"},{"text":"MC and MR curves are parallel","value":"B"},{"text":"TC and TR curves cross each other","value":"C"},{"text":"AC and AR curves cross each other","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":100664,"question":"A firm decides to exit the industry when","choices":[{"text":"AC starts rising","value":"A"},{"text":"MC starts rising","value":"B"},{"text":"price is less than LAC","value":"C"},{"text":"TC starts rising","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":100663,"question":"Total profit = ?","choices":[{"text":"Per unit profit x output","value":"A"},{"text":"Per unit profit x input","value":"B"},{"text":"Per unit profit + output","value":"C"},{"text":"per unit profit - input","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":100662,"question":"In short period how many possibilities in which a firm may find itself","choices":[{"text":"four","value":"A"},{"text":"five","value":"B"},{"text":"six","value":"C"},{"text":"seven","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":100661,"question":"If Bali burgers find that their MC of burgers is less than MR they would try to","choices":[{"text":"expand business","value":"A"},{"text":"reduce business ","value":"B"},{"text":"continue as before","value":"C"},{"text":"close business","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":100660,"question":"There are large number of seller and buyers in the market but none is able to influence market price. such a market is called","choices":[{"text":"free","value":"A"},{"text":"open","value":"B"},{"text":"regular","value":"C"},{"text":"competitive","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":100659,"question":"A firm decides to shut down production temporarily when","choices":[{"text":"MC start rising","value":"A"},{"text":"AC stat rising","value":"B"},{"text":"price = AC","value":"C"},{"text":"price falls below AVC","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":100658,"question":"A monopoly firm is in equilibrium when","choices":[{"text":"MC intersects AC","value":"A"},{"text":"MC intersect MR","value":"B"},{"text":"AC intersects AR","value":"C"},{"text":"TC intersects TR","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":100657,"question":"In the long run under perfect competition a firm produces at a point where","choices":[{"text":"LAC is minimum","value":"A"},{"text":"SAC is minimum","value":"B"},{"text":"both LAC and SAC are minimum","value":"C"},{"text":"none is minimum","value":"D"},{"value":"E"}],"correctAnswer":3}]