Micro Economics Analysis Set 1

Bachelor of Arts in Economics (BA Economics)

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This set of Micro Economics analysis Multiple Choice Questions & Answers (MCQs) focuses on Micro Economics Analysis Set 1

Q1 | Which of the following industry is most closely approximates theperfectly competitive model.
Q2 | Under perfectly competitive market an individual seller is a
Q3 | Uniform price is a feature of
Q4 | Which of the following is not a feature of a perfectly competitivemarket
Q5 | A perfectly competitive firm gets only normal profit when
Q6 | Which one of the following is a feature of a perfect competition
Q7 | Average revenue curve under perfect competition is
Q8 | Marginal revenue curve under perfect competition is
Q9 | Average revenue curve under imperfect competition is
Q10 | Marginal revenue curve under imperfect competition is
Q11 | Perfect competition prevails when the demand for the output ofeach producer is
Q12 | Equilibrium price is determined under perfect competition by
Q13 | In the market period, market supply curve is
Q14 | Given the supply of a commodity, in the market period, the price ofa commodity is determined by
Q15 | Total profit is maximum when
Q16 | Total profits are maximized where
Q17 | The equality between MC and MR is
Q18 | The condition of equilibrium of the industry under perfectcompetition is
Q19 | In the short-run, a competitive firm can earn
Q20 | If price is equal to average cost, in the short-run, the competitivefirm can earn
Q21 | If price is greater than average cost, in the short-run, thecompetitive firm can earn
Q22 | If price is less than average cost, in the short-run, the competitivefirm can earn
Q23 | Break-even point is a point where price is equal to
Q24 | Shut-down point is a point where price is equal to
Q25 | In the long run, a competitive firm can earn
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