Perfect competition is a situation under which a commodity ______ is sold it.
Different price
A uniform price
A higher price
A lower price
At equilibrium price
Demand is more
Supply is more
Demand and supply are equal
Demand is lesser
Neither increase nor decrease
Firms in perfectly competitive industries may be characterised as
Price Creators
Price Makers
Price Takers
Price Setters
To maximize profit, a perfectly competitive firm should produce up to the output level where:
MR = MC
P = MR
P = MC
1and 3 are correct
Slope of supply curve is :
Negative
Positive
Both positive and negative
Parallel