Which of the following is a market structure where the Price is expected to be lower?

(a)

Perfect competition

(b)

Monopoly

(c)

Duopoly

(d)

Oligopoly

Equilibrium condition of a firm is ___________

(a)

MC = MR

(b)

MC > MR

(c)

MC < MR

(d)

MR = Price

Which of the following is a feature of monopolistic competition?

(a)

One seller

(b)

Few sellers

(c)

Product differentiation

(d)

No entry

A firm under monopoly can earn ________ in the short run

(a)

Normal profit

(b)

Loss

(c)

Super normal profit

(d)

More loss

There is no excess capacity under _________

(a)

Monopoly

(b)

Monopolistic competition

(c)

Oligopoly

(d)

Perfect competition

Profit of a firm is obtained when __________.

(a)

TR < TC

(b)

TR - MC

(c)

TR > TC

(d)

TR = TC

Another name of price is _________

(a)

Average Revenue

(b)

Marginal Revenue

(c)

Total Revenue

(d)

Average cost

In which type of market, AR and MR are equal _______

(a)

Duopoly

(b)

Perfect competition

(c)

Monopolistic competition

(d)

Oligopoly

In monopoly, MR curve lies below ____________

(a)

TR

(b)

MC

(c)

AR

(d)

AC

Perfect competition assumes ____________

(a)

Luxury goods

(b)

Producer goods

(c)

Differentiated goods

(d)

Homogeneous goods