NCERT_CLASS_12_ECONOMICS_MICROECONOMICS

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NCERT stands for National Council of Educational Research and Training. The National Council of Educational Research and Training (NCERT), http://ncert.nic.in/, is an autonomous institution that works for the advancement of school education under the auspices of the Indian government. The curriculum and textbooks established by NCERT are followed by CBSE board and several state boards schools such as UP Board, MP Board, Gujarat Board, Bihar, Uttarakhand, and many other state boards schools.

CHAPTER.4 THE THEORY OF THE FIRM UNDER PERFECT COMPETITION
Total number of Questions 11

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1. Take a look at the following statement on the supply curve.

Choose the correct answer from the following statements:

 
 
 
 

2. Consider the following statement in relation to the characteristics
of ideal competition.

  1. There are a lot of buyers and sellers on the market.
  2. The government should levy fees on every company that enters
    and exits the market.
  3. The information is flawless.
  4. Each company creates and sells a uniform product.

Using the code provided below, select the correct answer.

 
 
 
 

3. match the following 

 

Type 1 Type 2 -
A.     average revenue 1. Total revenue per unit of output is the definition of a business.
B.     marginal revenue 2. The rise in overall income for a unit increase in the firm's output is defined as a firm.
C.     normal profit 3. The minimum profit required to keep a company in business.
D.    super-normal profit 4. Profit that a company makes in addition to its typical profit.
5. The point on the supply curve where a company only makes regular profit.

 

Choose the correct answer

 
 
 
 

4. What is the immediate impact on a firm if the price of an input
(the wage rate of labour) rises?

Use the code below to find the correct answer:

 
 
 
 

5. Consider the following statement which one is / are   various market types.

  1. Monopoly
  2. Monopolistic competition
  3. Oligopoly
  4. Perfect Competition

Select the correct answer using the codes given below:

 
 
 
 

6. What motivates new businesses to enter a market?

Select the most appropriate correct answer

 
 
 

7. match the following

Type 1 Type II
A.      Monopoly 1.      A market system in which there is just one seller offering a single product.
B.      Monopsony. 2.      a circumstance in which there is just one buyer on the market.
C.      Oligopoly. 3.      An oligopoly is a market with a small number of enterprises that recognise their pricing and output policies are interconnected.
D.      Oligopsony. 4.      An oligopsony is a market controlled by a few major customers for a product or service.

Choose the correct answer

 
 
 
 

8. match the following

Type 1 Type II
A.      Monopoly 1.      A market system in which there is just one seller offering a single product.
B.      Monopsony. 2.      a circumstance in which there is just one buyer on the market.
C.      Oligopoly. 3.      An oligopoly is a market with a small number of enterprises that recognise their pricing and output policies are interconnected.
D.      Oligopsony. 4.      An oligopsony is a market controlled by a few major customers for a product or service.

Choose the correct answer

 
 
 
 

9. In which market form are uniformly priced items sold?

Select the correct answer using the code given below:

 
 
 
 

10. Which of the following possibilities is not an ideal competition condition?

 
 
 
 

11. In a perfect market, a firm is

 
 
 
 

Question 1 of 11

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