1. Marginal revenue in any competitive situation is?
2. A rational consumer is a person who?
3. In which of the following types of market structures, are resources, assumed to be mobile?
4. At producer’s equilibrium when MR = MC, the firm earns only
5. Beyond producer’s equilibrium when MR A Abnormal profit B Normal loss C Abnormal loss D Normal Profit
6. Before producer’s equilibrium when MR > MC, the firm earns only
7. A producer’s equilibrium is a situation when
8. The elasticity at a point on a straight line supply curve passing through the origin will be
9. The elasticity at a point on a straight-line supply curve passing through the origin making an angle of 45° will be
10. Under perfect competition the number of firms