_________ a dominant role in determining equilibrium price in the long period.
Demand Plays
Supply Plays
Demand and Supply play
Short run Equilibrium
To maximize profit, a perfectly competitive firm should produce up to the output level where:
MR = MC
P = MR
P = MC
1and 3 are correct
______ a dominant role in determining market price.
Long run Equilibrium
Perfect competition is characterised by
Large number of firms ; hetrogeneous product ; easy entry and exit
Large number of firm ; homogeneous product ; incomplete information
Large number of firm ; homogenous product ; easy entry and exit
Few firms ; homogeneous product ; difficult entry and exit
Secular price is fixed in the ________ period.
Very short
Short
Long
Very long
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
The concept of equilibrium price is:
Practical
Theoretical
Both theoretical and practical
Neither theoretical nor practical
A firm operating in a perfectly competitive industry faces a demand that is:
Vertical
Horizontal
Downward Sloping
Upward Sloping
Traders enjoy _______ project at equilibrium price.
Normal
Abnormal
Lesser
More
Normal price is fixed in the ________ period.
Market
