A perfectly competitive firm is in long-run equilibrium only when it earns normal profit, which implies A P > min
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Chapter 5: Forms of Market and Price Determination (Set-4)
If a perfectly competitive industry faces a rise in market demand, the immediate result is usually A Supply falls first
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If a single firm’s output is tiny compared to total market supply, it mainly has A Full price control B
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When buyers see all firms’ products as identical, that market is closest to A Monopoly market B Oligopoly market C
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In perfect competition, firms are best described as A Price makers B Output setters C Price takers D Demand controllers
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A firm’s fixed cost is ₹1,200. If it produces 100 units, its average fixed cost will be A ₹1,200 per
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A firm’s TC is ₹4,800 at 60 units and ₹5,280 at 72 units. The marginal cost per unit over this
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A firm pays a yearly factory license even if it produces nothing. This payment is treated as A Fixed cost
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Even if a shop sells nothing for a day, which cost generally remains the same A Raw materials B Shop
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In a factory, rent is paid even when output is zero. This cost is best classified as A Variable cost
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