[{"id":100656,"question":"The necessary condition for equilibrium of firm is","choices":[{"text":"AVC = AFC","value":"A"},{"text":"AR = MR","value":"B"},{"text":"MC = MR","value":"C"},{"text":"TVC = TFC","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":100655,"question":"Normally MR curve intersects MC curve at points","choices":[{"text":"1","value":"A"},{"text":"2","value":"B"},{"text":"3","value":"C"},{"text":"4","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":100654,"question":"The basic goal of a firm is to","choices":[{"text":"maximize revenues","value":"A"},{"text":"maximize employees' welfare","value":"B"},{"text":"maximize profit","value":"C"},{"text":"maximize output","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":100653,"question":"A firm earns economic profit when total profit exceeds","choices":[{"text":"normal profit","value":"A"},{"text":"implicit costs","value":"B"},{"text":"explicit costs","value":"C"},{"text":"variable costs","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":100652,"question":"Economic profit is","choices":[{"text":"part of total cost","value":"A"},{"text":"total revenue minus total cost","value":"B"},{"text":"total revenue minus variable cost","value":"C"},{"text":"total variable cost minus total fixed cost","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":100651,"question":"Normal profit is","choices":[{"text":"part of total cost","value":"A"},{"text":"part of economic profit","value":"B"},{"text":"part of fixed cost","value":"C"},{"text":"total revenue minus total cost","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":100650,"question":"At the point of equilibrium of firm under perfect competition","choices":[{"text":"MC curve must be rising","value":"A"},{"text":"MC curve must be falling","value":"B"},{"text":"MR curve must be rising","value":"C"},{"text":"MR curve must be falling","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":100649,"question":"profit is a maximum when","choices":[{"text":"TC and TR curves are parallel","value":"A"},{"text":"MC and MR curves are parallel","value":"B"},{"text":"AC and AR curves are parallel","value":"C"},{"text":"TFC and TVC are parallel","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":100647,"question":"Profit is maximum when","choices":[{"text":"distance between TR and TC is maximum","value":"A"},{"text":"distance between AR and AC is maximum","value":"B"},{"text":"distance between MR and MC is maximum","value":"C"},{"text":"distance between MR and AR is maximum","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":100646,"question":"The necessary condition for equilibrium position of a firm is","choices":[{"text":"MC > MR","value":"A"},{"text":"MC > price","value":"B"},{"text":"MC = MR","value":"C"},{"text":"MC = AC","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":100645,"question":"The sacrifice of an alternative use of resources to produce something is called its","choices":[{"text":"real cost","value":"A"},{"text":"opportunity cost","value":"B"},{"text":"sacrifice cost","value":"C"},{"text":"alternative cost","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":100644,"question":"Pollution which is side effect of producing or consuming something and which is not taken into account by producers and sellers is called","choices":[{"text":"externality","value":"A"},{"text":"wastage","value":"B"},{"text":"extra cost","value":"C"},{"text":"opportunity cost","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":100643,"question":"The long run average cost curve is tangent to various","choices":[{"text":"short run TCs","value":"A"},{"text":"short run ACs","value":"B"},{"text":"AVCs","value":"C"},{"text":"AFCs","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":100642,"question":"As out put increases, AC curve","choices":[{"text":"falls","value":"A"},{"text":"rises","value":"B"},{"text":"remains constant","value":"C"},{"text":"all of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":100641,"question":"Long rum is a period","choices":[{"text":"three years or longer","value":"A"},{"text":"long enough to allow firms to change plant size and capacity","value":"B"},{"text":"in which a firm need not get loans","value":"C"},{"text":"which affects larger more than smaller firms","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":100640,"question":"Short run means is a period","choices":[{"text":"less than one year","value":"A"},{"text":"in which at least one input is fixed","value":"B"},{"text":"in which no input can be changed","value":"C"},{"text":"in which firms can easily enter or exit","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":100639,"question":"The cost which a firm incurs for purchasing or hiring factors is called","choices":[{"text":"implicit","value":"A"},{"text":"explicit","value":"B"},{"text":"real","value":"C"},{"text":"basic","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":100638,"question":"All the following are U-shape except","choices":[{"text":"AVC","value":"A"},{"text":"AFC","value":"B"},{"text":"AC","value":"C"},{"text":"MC","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":100637,"question":"TC","choices":[{"text":"rises continuously","value":"A"},{"text":"falls then rises","value":"B"},{"text":"is horizontal to x-axis","value":"C"},{"text":"is parallel to y-axis","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":100636,"question":"TVC","choices":[{"text":"starts from origin","value":"A"},{"text":"not from origin","value":"B"},{"text":"is parallel to x-axis","value":"C"},{"text":"is parallel to y-axis","value":"D"},{"value":"E"}],"correctAnswer":1}]