A firm operating in a perfectly competitive industry faces a demand that is:
Vertical
Horizontal
Downward Sloping
Upward Sloping
At equilibrium price
Demand is more
Supply is more
Demand and supply are equal
Demand is lesser
________ a dominant role in determining equilibrium price in the short period.
Supply plays
Demand Plays
Demand and Supply play
Profit
In the short run , perfectly competitive firms may earn :
Positive economic Profit
Normal Profit
Negative economic Profit
All of the above
______ a dominant role in determining market price.
Supply Plays
Long run Equilibrium
The concept of equilibrium price is:
Practical
Theoretical
Both theoretical and practical
Neither theoretical nor practical
Firms in perfectly competitive industries may be characterised as
Price Creators
Price Makers
Price Takers
Price Setters
Slope of supply curve is :
Negative
Positive
Both positive and negative
Parallel
Market price is _________ equilibrium price.
More than
Lesser than
Equal to
Either lesser or more than
Normal price is fixed in the ________ period.
Market
Short
Long
Very long
