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Question Practice

What condition must hold for a firm to maximize profit in a perfectly competitive market?

Attempt the question, check the explanation, and continue with similar questions to build confidence before exams.

MCQ_SA
CBSE
Class 12
Economics
Introductory Microeconomics
The Theory Of The Firm Under P...
Question Bank

What condition must hold for a...

Single Answer MCQ
Q-00089513

What condition must hold for a firm to maximize profit in a perfectly competitive market?

1

Average cost equals marginal cost

2

Marginal revenue equals marginal cost

3

Total revenue exceeds total cost

4

Average variable cost equals price

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Which of the following is NOT a characteristic of perfect competition?

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In a perfectly competitive market, what is the behavior of consumers?

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Q4.

What ensures that firms in perfect competition produce identical products?

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