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
Q6: Which one of the following is a
Q7: Average revenue curve under perfect competition is
A)upward
Q8: Marginal revenue curve under perfect competition is
A)upward
Q9: Average revenue curve under imperfect competition is
A)upward
Q10: Marginal revenue curve under imperfect competition is
A)upward
Q12: Equilibrium price is determined under perfect competition
Q13: In the market period, market supply curve
Q14: Given the supply of a commodity, in
Q15: Total profit is maximum when
A)total revenue is
Q16: Total profits are maximized where
A)tr equals tc
B)tr
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