Slope of supply curve is :
Negative
Positive
Both positive and negative
Parallel
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
At equilibrium price
Demand is more
Supply is more
Demand and supply are equal
Demand is lesser
Secular price is fixed in the ________ period.
Very short
Short
Long
Very long
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
Perfect competition is a situation under which a commodity ______ is sold it.
Different price
A uniform price
A higher price
A lower price
If demand increases at faster rate than the supply equilibrium price will
Increase
Decrease
Constant
