Fundamentals Of Economics MCQ - Fundamentals Of Economics Section 2

41 In Imperfect competition, total revenue rises at ............ up to an output level and then .......

A
A decreasing rate falls
B
A decreasing rate rises
C
An increasing rate falls
D
An increasing rate rises

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Correct AnswerOption A

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42 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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Correct AnswerOption A

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43 A perfectly competitive industry becomes a monopoly with the same cost conditions, it will now sell

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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Correct AnswerOption D

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44 Which of the following is true in a perfectly competitive market?

A
Total revenue rises continuously at a constant rate.
B
The average revenue is constant at all levels of output.
C
Marginal revenue is constant at all levels of output.
D
All of the above

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Correct AnswerOption A

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45 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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Correct AnswerOption B

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