In the short run , perfectly competitive firms may earn :
Positive economic Profit
Normal Profit
Negative economic Profit
All of the above
At equilibrium price
Demand is more
Supply is more
Demand and supply are equal
Demand is lesser
Firms in perfectly competitive industries may be characterised as
Price Creators
Price Makers
Price Takers
Price Setters
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
Normal price is fixed in the ________ period.
Market
Short
Long
Very long
A firm operating in a perfectly competitive industry faces a demand that is:
Vertical
Horizontal
Downward Sloping
Upward Sloping
