Question Text
Question 2 :
In which of the following types of market structure, do firms produce homogeneous product?
Question 3 :
A condition needed for perfectly competitive industry to exist is that ________.
Question 5 :
Under perfect competition, for the producer to be in equilibrium, <b>________.</b>
Question 6 :
If the firms is operating at a level below break even level, it will ___________________.<br/>
Question 8 :
In which of the following types of market structure, is it impossible for a seller to charge different prices for the same good?
Question 9 :
The law of supply represents a _______ relation between supply and price.
Question 10 :
The features of perfect competition as follows:<br>I. Large number of buyers and sellers<br>II. hetrogeneous product<br>III. free entry and free exit for firms<br>IV. existence of transport cost Of these<br>
Question 11 :
Profit that a firm earns over and above the normal profit is called the ________.
Question 14 :
The industry's demand curve and the average revenue curve are same in case of _________.
Question 16 :
When the price is less than the average variable cost, the firm should _________.
Question 18 :
Which of the following is not a characteristic of a competitive market?
Question 19 :
One would expect a firm to close down rather than continue producing in the short-period if ___________.
Question 20 :
In the long run, a firm does not produce if it earns anything less than the _______.