Given the supply of a commodity, in the market period, the price of a commodity is determined by
A) the market demand curve alone
B) the market supply curve alone
C) the market demand curve and the market supply curve
D) none of the above
Correct Answer:
Verified
Q9: Average revenue curve under imperfect competition is
A)upward
Q10: Marginal revenue curve under imperfect competition is
A)upward
Q11: Perfect competition prevails when the demand for
Q12: Equilibrium price is determined under perfect competition
Q13: In the market period, market supply curve
Q15: Total profit is maximum when
A)total revenue is
Q16: Total profits are maximized where
A)tr equals tc
B)tr
Q17: The equality between MC and MR is
A)a
Q18: The condition of equilibrium of the industry
Q19: In the short-run, a competitive firm can
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