(A) The market supply curve represents the individual supply curves of all firms which produce the product added together

(B)The market supply curve may shift if there is a change in the behaviour of some firms which produce the product

(C)The market supply curve may shift if there is change in the price of the product

(D) The market supply curve may shift if there is a change in the number of firms which supply the product

(A) Different

(B) Uniform

(C)Very high

(D) Very low

(A) Perfect Competition

(B)Pure Competition

(C)Imperfect Competition

(D)Monopoly

(A) Very short Period

(B)Short Period

(C)Long Period

(D)Very long Period

(A) High

(B)Low

(C)Normal

(D)Constant

(A) It means that a market economy will fail to secure economic efficiency

(B) It means that a market economy will fail to secure Pareto - efficiency

(C)It means that a market economy will fail to secure productive efficiency

(D)It means that a market economy will fail to secure technical efficiency

(A) Competition

(B)Time Period

(C) Legality

(D)Area

(A) The firm will sell its product at the going market price

(B)The demand curve faced by the firm is downward sloping

(C)The demand curve faced by the firm is horizontal even though the market demand curve is downward sloping

(D)The firm would sell nothing if it set a higher price than the market price

(A) There might be inefficiency in production

(B)There might be inefficiency in consumption

(C)It might be possible to make one person better off without making another person worse off

(D)There might be considerable inequality of income among the country's citizens

(A) Price leadership is a form of tacit collusion

(B)With dominant price leadership the leader in an industry is the biggest firm

(C) With barometric price leadership the leader may change even if the relative size of each firm stays the same

(D) Price leadership breaks down if input prices or demand conditions change