# The Theory of the Firm under Perfect Competition MCQ Questions for Class 11 Ecomonics Chapter 4 with Answers

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## Q1. MR of nth unit is given by:

(i) TRn/TRn – 1
(ii) TRn + TRn – 1
(iii) TRn – TRn – 1
(iv) All of these

(iii) TRn – TRn – 1

(i) Oligopoly
(ii) Duopoly
(iii) Monopsony
(iv) Oligopsony

(ii) Duopoly

## Q3. Under monopoly price discrimination depends upon:

(i) Elasticity of demand for commodity
(ii) Elasticity of supply for commodity
(iii) Size of market
(iv) All of above

(i) Elasticity of demand for commodity

## Q4. Profits of the firm will be more at:

(i) MR = MC
(iii) Both of above
(iv) None

(iii) Both of above

## Q5. Under which of the following forms of market structure does a firm has no control over the price of its product:

(i) Monopoly
(ii) Oligopoly
(iii) Monopolistic competition
(iv) Perfect competition

(iv) Perfect competition

## Q6. The concept of supply curve is relevant only for?

(i) Monopoly
(ii) Monopolistic competition
(iii) Perfect competition
(iv) Oligopoly

(iii) Perfect competition

## Q7. In perfect competition, since the firm is a price taker, the __ curve is straight line

(i) Total cost
(ii) Marginal cost
(iii) Total revenue
(iv) Marginal revenue

(iv) Marginal revenue

## Q8. Under perfect competition the number of firms

(ii) Are many but limited
(iii) Is large
(iv) Is limited

(iii) Is large

(i) 3.0
(ii) 1.0
(iii) 4.0
(iv) 2.0

(ii) 1.0

## Q10. Before producer’s equilibrium when MR > MC, the firm earns only

(i) Normal Profit
(ii) Normal loss
(iii) Abnormal loss
(iv) Abnormal profit

(iv) Abnormal profit

## Q11. Monopolist can determine:

(i) Price
(ii) Output
(iii) Either price or output
(iv) None

(iii) Either price or output

(i) Takers
(ii) Givers
(iii) Makers
(iv) Acceptors

(iii) Makers

## Q13. What should firm do when Marginal revenue is greater than marginal cost?

(i) Firm should expand output
(ii) Effect should be made to make them equal
(iii) Prices should be covered down
(iv) All of these

(i) Firm should expand output

(i) MR > 0
(ii) MR < 0
(iii) MR = 0
(iv) None

(i) MR > 0

## Q15. Which of the following is not an essential condition of pure competition?

(i) Large number of buyers and sellers
(ii) Homogeneous product
(iii) Freedom of entry
(iv) Absence of transport cost

(iv) Absence of transport cost

## Q16. Other name by which average revenue curve known:

(i) Indifference curve
(ii) Profit curve
(iii) Average cost curve
(iv) Demand curve

(iv) Demand curve

(i) AC = AR
(ii) MC = AC
(iii) AR = MR
(iv) MC = MR

(i) AC = AR

(i) 4.0
(ii) 2.0
(iii) 3.0
(iv) 1.0

(iv) 1.0

(i) AR = MR
(ii) MR = MC
(iii) AR = AC
(iv) TR = TC

(ii) MR = MC

## Q20. Beyond producer’s equilibrium when MR<MC, the firm earns only

(i) Abnormal profit
(ii) Normal loss
(iii) Abnormal loss
(iv) Normal Profit

(iii) Abnormal loss

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## MCQ Questions for Class 11 Microeconomics: Introductory Microeconomics

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1. The Theory of the Firm under Perfect Competition MCQ Questions for Class 11 Ecomonics Chapter 4 with Answers
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