Normal price is fixed in the ________ period.
Market
Short
Long
Very long
In the long run, a profit , maximizing , perfectly competitive firm will earn:
A normal rate of return
Positive economic profit
Negative economic profit
Accounting profit that is greater than economic profit
______ a dominant role in determining market price.
Supply Plays
Demand Plays
Demand and Supply play
Long run Equilibrium
If demand and supply change at the same rates, the equilibrium price will
Increase
Decrease
Remain Constant
Neither increase nor decrease
If demand increases at faster rate than the supply equilibrium price will
Constant
A firm operating in a perfectly competitive industry faces a demand that is:
Vertical
Horizontal
Downward Sloping
Upward Sloping
Slope of supply curve is :
Negative
Positive
Both positive and negative
Parallel
Firms in perfectly competitive industries may be characterised as
Price Creators
Price Makers
Price Takers
Price Setters
In the short run , perfectly competitive firms may earn :
Positive economic Profit
Normal Profit
Negative economic Profit
All of the above
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