The demand curve facing an individual seller under pure and perfect competition is :

________ a dominant role in determining equilibrium price in the short period.

 The concept of equilibrium price is:

If demand increases at faster rate than the supply  equilibrium price will

Perfect competition is a situation under which a commodity ______ is sold it.

Firms in perfectly competitive industries may be characterised as

 _________ a dominant role in determining equilibrium price in the long period.

Secular price is fixed in the ________ period.

Slope of supply curve is :

To maximize profit, a perfectly competitive firm should produce up to the output level where: