Class XII

Beyond producer’s equilibrium when MR
  1. Normal Profit
  2. Abnormal profit
  3. Normal loss
  4. Abnormal loss
The elasticity at a point on a straight line supply curve passing through the origin making an angle of 45°will be
  1. 2
  2. 3
  3. 1.0
  4. 4
The break- even point where TR=TC, the firm cannot earn abnormal profits
  1. FALSE
  2. 1
  3. None of these
  4. Can’t say
The relationship between AR and MR when price is constant is
  1. The values increase
  2. The values are same
  3. AR>>MR
  4. The values decrease
If the price of the commodity falls by 10%% and consequently the quantity supplied decreases by 20 %%, then the elasticity of supply will be
  1. 2.0
  2. 0.5
  3. -2
  4. 1
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