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Class 11 Economics: The Theory of the Firm under Perfect Competition — Chapter Test 1

Class 11 • Economics • The Theory of the Firm under Perfect Competition • Chapter Test

MediumFREE

15

Questions

20 min

Duration

15

Marks (1 each)

No

Negative marking

Original practice questions with full solutions by ExamPortal.

Instructions

  • • Read each question carefully and pick the correct answer.
  • • You can mark questions for review and come back to them.
  • • Answers are saved automatically.
  • • The test is submitted automatically when time runs out.

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SYLLABUS & QUESTION BLUEPRINT

Sample Practice Questions

Preview 5 sample questions from this 15-question test. Test your knowledge below or take the full exam in timed CBT mode.

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Question 1 of 15
Under perfect competition, firms are:
A
price makers
B
price takers
C
monopolists
D
government-owned
View Correct Answer & Step-by-Step Solution
Correct Option:(B)price takers

Detailed explanation is available inside the official test attempt review.

Question 2 of 15
Products under perfect competition are:
A
differentiated
B
homogeneous
C
unique
D
patented
View Correct Answer & Step-by-Step Solution
Correct Option:(B)homogeneous

Detailed explanation is available inside the official test attempt review.

Question 3 of 15
For a perfectly competitive firm, price equals:
A
MC only
B
AR and MR
C
TC
D
AFC
View Correct Answer & Step-by-Step Solution
Correct Option:(B)AR and MR

Detailed explanation is available inside the official test attempt review.

Question 4 of 15
The profit-maximising condition is:
A
MR = MC (with MC rising)
B
AR = AC
C
TR = TC
D
MR > MC always
View Correct Answer & Step-by-Step Solution
Correct Option:(A)MR = MC (with MC rising)

Detailed explanation is available inside the official test attempt review.

Question 5 of 15
In the long run under perfect competition, firms earn:
A
supernormal profit
B
normal profit (zero economic profit)
C
losses always
D
monopoly profit
View Correct Answer & Step-by-Step Solution
Correct Option:(B)normal profit (zero economic profit)

Detailed explanation is available inside the official test attempt review.

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Frequently asked questions

How many questions are there in Class 11 Economics: The Theory of the Firm under Perfect Competition — Chapter Test 1?

There are 15 questions to answer in 20 min. Each correct answer gives 1 mark, for a total of 15 marks.

Is there negative marking?

No. Wrong answers do not lose marks, so attempt every question.

Is this mock test free?

Yes, it is completely free. Just log in with your email to start.

What does this test cover?

It covers the chapter "The Theory of the Firm under Perfect Competition" of Class 11 Economics. All questions are original, with a full solution for each.

Will I see my result and the solutions?

Yes. Right after you submit you get your score, accuracy, rank and percentile, and you can review every question with the correct answer and a step-by-step explanation.

Can I take this test again?

Yes, you can retake it as many times as you like and compare your scores.