______ a dominant role in determining market price.
Supply Plays
Demand Plays
Demand and Supply play
Long run Equilibrium
Normal price is fixed in the ________ period.
Market
Short
Long
Very long
At equilibrium price
Demand is more
Supply is more
Demand and supply are equal
Demand is lesser
If demand increases at faster rate than the supply equilibrium price will
Increase
Decrease
Neither increase nor decrease
Constant
In the short run , perfectly competitive firms may earn :
Positive economic Profit
Normal Profit
Negative economic Profit
All of the above
Market price is _________ equilibrium price.
More than
Lesser than
Equal to
Either lesser or more than
_________ a dominant role in determining equilibrium price in the long period.
Short run Equilibrium
The demand curve facing an individual seller under pure and perfect competition is :
A vertical straight line
A horizontal straight line
A downward sloping straight line
A downward vertical line
Firms in perfectly competitive industries may be characterised as
Price Creators
Price Makers
Price Takers
Price Setters
Secular price is fixed in the ________ period.
Very short
