Multiple Choice
Perfect competition prevails when the demand for the output of each producer is
A) Elastic
B) Perfectly elastic
C) Inelastic
D) Perfectly inelastic
Correct Answer:
Verified
Correct Answer:
Verified
Q15: In the market period, market supply curve
Q16: Marginal revenue curve under imperfect competition is<br>A)Upward
Q17: Average revenue curve under perfect competition is<br>A)Upward
Q18: If price is equal to average cost,
Q19: Above the BP curve BoP is:<br>A)surplus<br>B)Deficit<br>C)Either Surplus
Q20: A perfectly competitive firm gets only normal
Q21: Marginal revenue curve under perfect competition is<br>A)Upward
Q22: Equilibrium price is determined under perfect competition
Q24: The foreign trade multiplier also known as
Q25: Uniform price is a feature of<br>A)Perfect competition<br>B)Monopoly<br>C)Monopolistic