Under perfect competition a firm can produce with
| A. | An optimum plant |
| B. | Identical products at low cost |
| C. | Maximum profit |
| D. | An optimum output |
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Option: A Explanation : Click on Discuss to view users comments. |
| A. | A larger output at a higher price |
| B. | A larger output at the old price |
| C. | An unchanged output at a higher price |
| D. | A reduced output at a higher price |
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Option: D Explanation : Click on Discuss to view users comments. |
| A. |
Total revenue rises continuously at a constant rate.
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| B. |
Average revenue is constant at all levels of output.
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| C. |
Marginal revenue is constant at all levels of output.
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| D. | All of the above |
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Option: A Explanation : Click on Discuss to view users comments. |
In imperfect competition marginal revenue falls at __ than the fall in average revenue.
| A. | Half the rate |
| B. | Twice the rate |
| C. | Same rate |
| D. | None of the above |
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Option: B Explanation : Click on Discuss to view users comments. |
| A. |
Rising marginal cost is less than the average cost
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| B. |
Rising marginal cost is less than the marginal revenue
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| C. | Rising marginal cost is less than price |
| D. | None of the above |
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Option: D Explanation : Click on Discuss to view users comments. |
