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
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
Q18: Perfect competition prevails when the demand for
Q19: Equilibrium price is determined under perfect competition
Q20: In the market period, market supply curve
Q22: Total profits are maximized where
A)TR equals TC
B)TR
Q23: The equality between MC and MR is
A)A
Q24: In the short-run, a competitive firm can
Q25: If price is equal to average cost,
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