Multiple Choice
If price is equal to average cost, in the short-run, the competitive firm can earn
A) Only normal profit
B) Super normal profit
C) Loss
D) All of the above
Correct Answer:
Verified
Correct Answer:
Verified
Q13: In the short-run, a competitive firm can
Q14: Given the supply of a commodity, in
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
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
Q23: Perfect competition prevails when the demand for