Class XII

The elasticity at a point on a straight line supply curve passing through the origin will be
  1. 1.0
  2. 4
  3. 2
  4. 3
For maximum profit, the condition is:
  1. AR=AC
  2. MC=AC
  3. MR=MC
  4. MR=AR
At producer’s equilibrium when MR=MC and then
  1. MC>> but << MR
  2. None of these
  3. MC<
  4. MC>>MR
What is price line
  1. The AR curve
  2. The demand curve
  3. The MR curve
  4. The TR curve
A firm maximizes its profits only when MR=MC
  1. Can’t say
  2. None of these
  3. FALSE
  4. 1
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