In the short run , perfectly competitive firms may earn :
Positive economic Profit
Normal Profit
Negative economic Profit
All of the above
Traders enjoy _______ project at equilibrium price.
Normal
Abnormal
Lesser
More
________ a dominant role in determining equilibrium price in the short period.
Supply plays
Demand Plays
Demand and Supply play
Profit
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
The concept of equilibrium price is:
Practical
Theoretical
Both theoretical and practical
Neither theoretical nor practical
If demand and supply change at the same rates, the equilibrium price will
Increase
Decrease
Remain Constant
Neither increase nor decrease
Slope of supply curve is :
Negative
Positive
Both positive and negative
Parallel
At equilibrium price
Demand is more
Supply is more
Demand and supply are equal
Demand is lesser
Perfect competition is a situation under which a commodity ______ is sold it.
Different price
A uniform price
A higher price
A lower price
