If a single firm’s output is tiny compared to total market supply, it mainly has A Full price control B
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Chapter 5: Forms of Market and Price Determination (Set-2)
When buyers see all firms’ products as identical, that market is closest to A Monopoly market B Oligopoly market C
Continue readingChapter 5: Forms of Market and Price Determination (Set-1)
In perfect competition, firms are best described as A Price makers B Output setters C Price takers D Demand controllers
Continue readingChapter 4: Costs and Revenue (Set-5)
A firm’s fixed cost is ₹1,200. If it produces 100 units, its average fixed cost will be A ₹1,200 per
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A firm’s TC is ₹4,800 at 60 units and ₹5,280 at 72 units. The marginal cost per unit over this
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A firm pays a yearly factory license even if it produces nothing. This payment is treated as A Fixed cost
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Even if a shop sells nothing for a day, which cost generally remains the same A Raw materials B Shop
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In a factory, rent is paid even when output is zero. This cost is best classified as A Variable cost
Continue readingChapter 3: Producer Behaviour and Supply (Set-5)
A supply schedule is best described as a table showing A Demand at prices B Costs at output C Profit
Continue readingChapter 3: Producer Behaviour and Supply (Set-4)
A supply schedule is best described as a table showing A Demand at prices B Costs at output C Profit
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