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In the long-run competitive equilibrium, the theory predicts that:

A. TC = TR and MC = MR

B. Firms operate at a minimum average total cost

C. There is no incentive for entry or exit of firms

D. All these conditions exist

Correct Answer : D.


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  1. If the commodity is normal then the Income Effect (I.E) and the Substitution Effect (S.E):
  2. The falling part of total Utility (TU) curve shows:
  3. A firm enjoys maximum control over the price of its product under:
  4. Each firm in cournot model starts selling:
  5. The income effect means that consumer purchase more when:
  6. Average Revenue means:
  7. In monopoly, the relationship between average revenue and marginal revenue curves is as follows:
  8. Whish of the following represents the average revenue curve of a firm?
  9. If a straight line supply curve makes an intercept on the X-axis, the elasticity of supply is:
  10. The non-price competition cartel is a:
  11. Utility is a function of:
  12. The cross-price elasticity of the demand for orange juice with respect to the price of apple juice is…
  13. Plumbing and pipe-fitting require many of the same skills. If the wage paid to pipe-fitters increased…
  14. The engineering production function and engineering costs curves are concerned with the:
  15. In the case of an inferior good, the income effect:
  16. The game theory is concerned with:
  17. Liquidity of Preference Theory was introduced by:
  18. The right of individuals to control productive resources is known as:
  19. Under which of the following forms of the market structure does a firm have no control over the price…
  20. Under pure monopoly, there will be:
  21. In a competitive market, price is determined primarily by:
  22. The long-run AC curve is constructed from:
  23. The line from the origin to a point on an isoquant shows:
  24. Technological Progress (Invention) can be defined as:
  25. Classical production function is:
  26. The optimal strategy for a player is termed as:
  27. If the prices of goods rise then:
  28. In cournot model firms:
  29. Which is not a central problem of an economy?
  30. If a commodity sold under monopoly is got free of cost, then MC will be: