| 1 |
When TR of a competitive firm is equal to its TC, the firm attains. |
- A. Normal profit
- B. Super normal profit
- C. Sub-normal profit
- D. Shutdown point
|
| 2 |
The basic goal of a firm is to |
- A. maximize revenues
- B. maximize employees' welfare
- C. maximize profit
- D. maximize output
|
| 3 |
We establish ______ conditions for equilibrium |
|
| 4 |
Compare with monopoly price, the competitive price ids always: |
- A. Less than monopoly price
- B. More than monopoly pruce
- C. Equal to monopoly price
- D. Non of the three
|
| 5 |
At the point of equilibrium of firm under perfect competition |
- A. MC curve must be rising
- B. MC curve must be falling
- C. MR curve must be rising
- D. MR curve must be falling
|
| 6 |
A firm attains sub-normal profit under perfect competition when its: |
- A. AR = P (Price)
- B. AR < P
- C. AC = P
- D. AC < P
|
| 7 |
Normal profit is |
- A. part of total cost
- B. part of economic profit
- C. part of fixed cost
- D. total revenue minus total cost
|
| 8 |
A monopoly firm is in equilibrium when |
- A. MC intersects AC
- B. MC intersect MR
- C. AC intersects AR
- D. TC intersects TR
|
| 9 |
Normal profit is attained where: |
- A. TR = TC
- B. TR >TC
- C. AR > MR
- D. AR < MR
|
| 10 |
TR increase at a constant rate under: |
- A. monopoly
- B. Monopolistic
- C. Perfect competition
- D. Oligopoly
|
