Microeconomics Revision

______ Competition is a form of market where there is large number of buyers and sellers of a commodity. Homogeneous Product is sold and it's price is determined by the market forces of supply and demand. An individual buyer or seller has no control over price

_______refers to money receipts of the producer from the sale of his output

• Bills of Exchange

• Revenue

• Supply

• Profit

If 100 ice cream slabs are sold at the rate of Rs. 100 per slab, total revenue of the firm will be?

• 100

• 1000

• 10,000

• 5,000

  If TR = Rs. 2,000 and Q = 200, the AR is?

• 10

• 4,00,000

• 1,800

• 2,200

    ______ refers to a market where there are large numbers of buyers and sellers?

• Perfect Competition

• Perfect Revenue

• Monopoly

• Firm

   If TR = 20,000 when 10 units of a commodity is sold and is 33,000 when 11 units of a commodity is sold, then what is the marginal revenue?

• 10,000

• 12,000

• 13,000

• 14,000

    For perfectly competitive firm, price is:

• a.Greater than MR

• b.Equal to AR

• c.Equal to MR

• Both b. and c.

Which of the following is NOT a feature of Perfect Competition?

• Large Number of Firms or Sellers

• Large number of buyers

• limited knowledge

• Perfect Mobility

      Assertion: Constant price means TR increases at a constant rate.

Reason: MR indicates the rate at which TR increases.

• A and R are true and R is the correct explanation of A

•      A and R are true and R is not the correct explanation of A

•     A is true and  R is false

•     A is false and  R is true

TR = 0, when output = 0

• True

• False