Forms of market & its equilibrium – Test 1

In a perfect competition, seller has to incur selling expenses because his product has to be differentiated from the products by other sellers.

Agricultural goods markets depict characteristics close to ______

Since a perfectly competitive firms is a price taker, it is faced with a straight line demand curve i.e AR is-

What is the shape of the demand curve aced by a firm under perfect competition?

Which is the first order condition for the profit of a firm to be maximum?

In a perfect competition, the firm will be in equilibrium when-

The short run average cost curve (SAC) is –

in a Perfect competition, the firms have-

On account of the law of _______, the average variable cost curve is U-shaped.

In a perfect competition, no firms is able to earn an abnormal profit.

These short cost curves (SACs) are called as-

In a perfect competition in long run firm gets equilibrium if it is operating under ________

For the price-taking firm:-

In perfect competition in the long run there will be no-

If under perfect completion, the price line lies below the average cost curve, the firm would……..

In a perfect competition which curve among following will be a straight line?

Price-taking firms, i.e, firms that operate in a perfectly competitive market, are said to be”small” relative to the market. Which of the following best describes this smallness?

The firm in a perfectly competitive market is a price taker.This designation as a price taker is based on the assumption that-

Suppose that the demand curve for the XYZ Co. slopes downward and to the right. We can conclude that-

In perfect competition in the long run there will be no-

Which one of the following does NOT occur in perfect competition?

In perfect competition, a firm’s marginal revenue equals its-

A perfectly competitive firm’s demand curve is-

In perfect competition, the marginal revenue of an individual firm-

In the case of a perfectly competitive firm, the ________