A. is perfect elastic B. slopes upwards C. slopes of downwards D. is perfectly inelastic Correct Answer: Option C -…
A. there is mobility of factors of production B. no single seller dominates the market C. the firms are price-takers…
A. enjoying free entry and exit B. operating at full capacity C. operating below capacity D. maximizing profits Correct Answer:…
A. increasing efficiency B. economies of scale C. diseconomies of scale D. increasing marginal returns Correct Answer: Option C -…
A. reducing average cost as production increases B. benefiting from the activities of other firms C. maximizing profits as production…
A. there is constant returns to scale B. there is increasing returns to scale C. there is decreasing returns to…
A. maximum prices B. commodity boards C. minimum prices D. price control boards Correct Answer: Option A - maximum prices…
A. government B. sellers C. buyers D. market Correct Answer: Option D - market Explanation The price in perfect competition…
A. in competitive supply B. in composite supply C. jointly supplied D. in excess supply Correct Answer: Option B -…
A. perfectly elastic B. fairly inelastic C. infinitely inelastic D. fairly elastic Correct Answer: Option D - fairly elastic Explanation…