When AR is above AC, firm earns:
A) Supernormal profit
B) Loss
C) Breakeven point
D) Minimise losses
Correct Answer:
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Q7: Demand curve of a firm is perfectly
Q8: Marginal revenue of a firm is constant
Q9: A seller cannot influence the market price
Q10: There are only a few sellers under
A)Perfect
Q11: Under perfect competition, MR curve is:
A)Horizontal
B)Vertical
C)Falling
D)Rising
Q13: When AR = AC, firm is at:
A)Supernormal
Q14: When AC is more than AR, what
Q15: When AR passes through some point between
Q16: When AR passes through minimum point of
Q17: Breakeven point means:
A)AR = AC
B)TR = TC
C)No
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