Demand curve of a firm is perfectly elastic under:
A) Perfect competition
B) Monopoly
C) Monopolistic competition
D) Oligopoly
Correct Answer:
Verified
Q2: Monopoly means:
A)Single firm
B)No close substitutes
C)Barriers to entry
D)All
Q3: 'Homogenous products' is a characteristic of:
A)Perfect competition
Q4: There is inverse relation between price and
Q5: A firm is able to sell any
Q6: Differentiated products is a characteristic of:
A)Monopolistic competition
Q8: Marginal revenue of a firm is constant
Q9: A seller cannot influence the market price
Q10: There are only a few sellers under
A)Perfect
Q11: Under perfect competition, MR curve is:
A)Horizontal
B)Vertical
C)Falling
D)Rising
Q12: When AR is above AC, firm earns:
A)Supernormal
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