Economics MCQs For Lectureship CSS PMS And NTS Part VI

91 When TC and TR curves are parallel profit is maximum

Maximum

92 The cost curves are same in Monopoly and

Perfect competition

93 Why normal profit is called normal?

Because it is the minimum acceptable profit to the producer

94 The loss that a firm incurs when it shuts temporarily is equal to

Total Fixed Cost

95 Under which competition Average Revenue = Marginal Revenue?

Perfect Competition

96 What is the necessary condition for equilibrium position of a firm?

MC = MR

97 Where LAC is minimum, it is the most efficient scale of

Production of a firm

98 If a firm is not covering its variable cost, the firm should

Shut down

99 Every factor of production gets reward equal to the value of

 Average product

100 In a perfect competition, demand for a factor is its

MRP curve