[{"id":181082,"question":"When TR of a competitive firm is equal to its TC, the firm attains.","choices":[{"text":"Normal profit","value":"A"},{"text":"Super normal profit","value":"B"},{"text":"Sub-normal profit","value":"C"},{"text":"Shutdown point","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":181081,"question":"Under monopoly the price is always equal to:","choices":[{"text":"AR","value":"A"},{"text":"MR","value":"B"},{"text":"MC","value":"C"},{"text":"AVC","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":181080,"question":"When a competitive firm faces loss the slop of its MR curve is:","choices":[{"text":"Negative","value":"A"},{"text":"Positive","value":"B"},{"text":"Zero","value":"C"},{"text":"Unity","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":181079,"question":"A competitive firm is in equilibrium in the long-run where:","choices":[{"text":"ME = AR = LMC = P","value":"A"},{"text":"MR = AR = LMC = LAC","value":"B"},{"text":"MR &lt; AR = LMC &lt;LAC","value":"C"},{"text":"None of the three","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":181078,"question":"A firm attains sub-normal profit under perfect competition when its:","choices":[{"text":"AR = P (Price)","value":"A"},{"text":"AR &lt; P","value":"B"},{"text":"AC = P","value":"C"},{"text":"AC &lt; P","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":181077,"question":"In the long-run a firm attains under monopoly;","choices":[{"text":"Normal profit","value":"A"},{"text":"Super normal profit","value":"B"},{"text":"Sub-normal profit","value":"C"},{"text":"Any on of the above","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":181076,"question":"Compare with monopoly price, the competitive price ids always:","choices":[{"text":"Less than monopoly price","value":"A"},{"text":"More than monopoly pruce","value":"B"},{"text":"Equal to monopoly price","value":"C"},{"text":"Non of the three","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":181075,"question":"A firm attains equilibrium under monopoly if:","choices":[{"text":"MC curve intersect MR curve from below. MC = AC = MR","value":"A"},{"text":"MC curve intersects MR from above","value":"B"},{"text":"Any one of the above situations","value":"C"},{"text":"AR = MR","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":181074,"question":"A firm attains equilibrium under monopoly where:","choices":[{"text":"AR = MR","value":"A"},{"text":"AC = MC","value":"B"},{"text":"MR = MC","value":"C"},{"text":"AR = AC","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":181073,"question":"In the long-run a competitive firms attains only:<div><br></div>","choices":[{"text":"Normal profit","value":"A"},{"text":"Super Normal profit","value":"B"},{"text":"Sub-Normal profit","value":"C"},{"text":"Marginal cost","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":181072,"question":"A firms reaches its shut down point where:","choices":[{"text":"AC &gt; AR","value":"A"},{"text":"AC = AR","value":"B"},{"text":"AC&lt; AR","value":"C"},{"text":"AVC = AR","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":181071,"question":"A firm attains sub-normal profit when:","choices":[{"text":"AR = AC","value":"A"},{"text":"AR &lt; AC","value":"B"},{"text":"AR &gt; AC","value":"C"},{"text":"TR &lt; TC","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":181070,"question":"Normal profit is attained where:","choices":[{"text":"TR = TC","value":"A"},{"text":"TR &gt;TC","value":"B"},{"text":"AR &gt; MR","value":"C"},{"text":"AR &lt; MR","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":181069,"question":"A firm will be in equilibrium where.","choices":[{"text":"Its total profit is high","value":"A"},{"text":"Its cot is minimum","value":"B"},{"text":"It produces at a level of output which its profit is minimum or loss in minimum","value":"C"},{"text":"None of the three","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":181044,"question":"One of the following is an example of monopoly.","choices":[{"text":"Motorways","value":"A"},{"text":"Pakistan railways","value":"B"},{"text":"PIA","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":181043,"question":"One of the following does not represent imperfect competition.","choices":[{"text":"Day to day market","value":"A"},{"text":"Monopoly","value":"B"},{"text":"Duopoly","value":"C"},{"text":"Monopolistic Competition","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":181042,"question":"Short run cost curves are.","choices":[{"text":"v-shaped","value":"A"},{"text":"Dish-shaped","value":"B"},{"text":"U-shaped","value":"C"},{"text":"L-shaped","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":181041,"question":"Long run cost curves can be termed as.","choices":[{"text":"V-shaped","value":"A"},{"text":"U-shaped","value":"B"},{"text":"Oval-shaped","value":"C"},{"text":"Dish-shaped","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":181040,"question":"Total fixed cost curve is .","choices":[{"text":"Parallel to the vertical axis","value":"A"},{"text":"Parallel to the horizontal axis","value":"B"},{"text":"Sloping downward to the right","value":"C"},{"text":"Sloping upward to the right","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":181039,"question":"Variable cost of production are also called.","choices":[{"text":"Fixed cost","value":"A"},{"text":"Supplementary cost","value":"B"},{"text":"Total variable cost","value":"C"},{"text":"Prime cost","value":"D"},{"value":"E"}],"correctAnswer":4}]