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
Q13: Which one of the following is a
Q14: Average revenue curve under perfect competition is
A)Upward
Q15: Marginal revenue curve under perfect competition is
A)Upward
Q16: Average revenue curve under imperfect competition is
A)Upward
Q17: Marginal revenue curve under imperfect competition is
A)Upward
Q19: Equilibrium price is determined under perfect competition
Q20: In the market period, market supply curve
Q21: Given the supply of a commodity, in
Q22: Total profits are maximized where
A)TR equals TC
B)TR
Q23: The equality between MC and MR is
A)A
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