At equilibrium price
Demand is more
Supply is more
Demand and supply are equal
Demand is lesser
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
In the short run , perfectly competitive firms may earn :
Positive economic Profit
Normal Profit
Negative economic Profit
All of the above
Slope of supply curve is :
Negative
Positive
Both positive and negative
Parallel
A firm operating in a perfectly competitive industry faces a demand that is:
Vertical
Horizontal
Downward Sloping
Upward Sloping
Normal price is fixed in the ________ period.
Market
Short
Long
Very long
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
