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
If demand and supply change at the same rates, the equilibrium price will
Increase
Decrease
Remain Constant
Neither increase nor decrease
In the short run , perfectly competitive firms may earn :
Positive economic Profit
Normal Profit
Negative economic Profit
All of the above
Normal price is fixed in the ________ period.
Market
Short
Long
Very long
Market price is _________ equilibrium price.
More than
Lesser than
Equal to
Either lesser or more than
Perfect competition is a situation under which a commodity ______ is sold it.
Different price
A uniform price
A higher price
A lower price
In the long run, a profit , maximizing , perfectly competitive firm will earn:
A normal rate of return
Positive economic profit
Negative economic profit
Accounting profit that is greater than economic profit
________ a dominant role in determining equilibrium price in the short period.
Supply plays
Demand Plays
Demand and Supply play
Profit
If demand increases at faster rate than the supply equilibrium price will
Constant
Firms in perfectly competitive industries may be characterised as
Price Creators
Price Makers
Price Takers
Price Setters
