For a perfectly competitive firm
Total revenue is a straight line
Price is greater than marginal revenue
Price equals total revenue
Price equals total cost
In perfect price discrimination
Consumer surplus is maximized
Produce surplus is zero
Community surplus is maximized
Consumer surplus is zero
In monopolistic competition if firms are making abnormal profit other firms will enter and
The marginal cost will shift outwards
The demand curve will shift inwards
The average cost will shift downwards
The average variable cost will increase
A monopolist will determine very ____ price for a commodity having in elastic demand.
High
Low
Normal
Constant
In perfect competition
A few firms dominate the industry
Firms are price makers
There are many buyers but few sellers
There are many buyers and sellers
In a monopoly, which of the following is Not true?
Product are differentiated
There is freedom of entry and exit into the industry in the long run.
The firm is a price maker
There is one main seller
When price discriminating abnormal profits are made if:
Average revenue is greater than average variable cost
Average revenue is greater than average cost
Average revenue is greater than marginal revenue
Average revenue is greater than average fixed cost
The demand curve of monopoly is
Inelastic
Elastic
Perfectly elastic
Perfectly inelastic
If a few firms dominate an industry the market is known as
Monopolistic competition
Competitively monopolistic
Duopoly
Oligopoly
The price equals the marginal revenue.
The price equals the average variable costs
The fixed cost equals the variable costs
The price equals the total costs