91 When TC and TR curves are parallel profit is maximum
Maximum
92 The cost curves are same in Monopoly and
Perfect competition
93 Why normal profit is called normal?
Because it is the minimum acceptable profit to the producer
94 The loss that a firm incurs when it shuts temporarily is equal to
Total Fixed Cost
95 Under which competition Average Revenue = Marginal Revenue?
Perfect Competition
96 What is the necessary condition for equilibrium position of a firm?
MC = MR
97 Where LAC is minimum, it is the most efficient scale of
Production of a firm
98 If a firm is not covering its variable cost, the firm should
Shut down
99 Every factor of production gets reward equal to the value of
Average product
100 In a perfect competition, demand for a factor is its
MRP curve
