Question 3 :
A purely competitive firm's supply schedule in the short run is determined by _________.
Question 7 :
The demand for consumption goods is direct with respect to price.
Question 8 :
Entry to the market for new firms is blocked in the  ________ market structure.
Question 9 :
A drought in India leads to unusually low level of wheat production. This would lead to a rise in the price of wheat and fall in the quantity of wheat demanded due to ____________.
Question 11 :
A firm under perfect competition has no control over price of the product.<br/>
Question 12 :
The features of perfect competition as follows:<br>I. Large number of buyers and sellers<br>II. hetrogeneous product<br>III. free entry and free exit for firms<br>IV. existence of transport cost Of these<br>
Question 13 :
In a perfect competition, the demand for product of the firm is _______.
Question 15 :
A firm can sell as much as it wants at the market price. The situation is related to _________
Question 17 :
If the price of inferior goods falls, the quantity demanded for them _______ .
Question 19 :
In a perfectly, competitive market, the demand curve of firm is _________.
Question 20 :
Profit that a firm earns over and above the normal profit is called the ________.
Question 21 :
How is the demand curve of a firm under perfect competition?
Question 22 :
In a perfect competition, the firm will be in equilibrium when ______________________.
Question 23 :
If the demand curve confronting an individual firm is perfectly elastic then ___________.
Question 24 :
Which of the following statement is True? Production can be defined as____________.
Question 25 :
Under perfect competition, at the shut down point, revenue earned by the firm covers which cost?
Question 26 :
Which of these is not a method of creating Utility in Production?
Question 28 :
Under perfect competition, for the producer to be in equilibrium, <b>________.</b>
Question 29 :
The price that prevail in the long run is called _________.
Question 30 :
Price elasticity of demand for individual firm is perfectly elastic. This is feature of _____________.
Question 31 :
A large firm is able to buy its material requirements in large quantities (bulk buying) and this enables it to obtain preferential terms in the form of bulk discounts. It is ______________________.
Question 32 :
If a firm shut down at a level when AVC = Price, the firm restricts its losses to ________.
Question 33 :
Suppose the first four units of a variable input generate corresponding total outputs of 150, 200, 350 and 550. The marginal product of the third unit of input is:
Question 34 :
If the demand curve for a good is horizontal and the price is positive, then a leftward shift of the supply curve results in _________.
Question 35 :
A situation of large number of firms producing similar goods is termed as ________.
Question 36 :
Under which market situation demand curve is linear and parallel to X-Axis?<br>
Question 37 :
A variation in demand of mango due to decrease in its price is _____ of demand.
Question 38 :
One would expect a firm to close down rather than continue producing in the short-period if ___________.
Question 39 :
Which of the following is/are the features of perfect competition ?<br>(i) Large number of buyers and sellers<br>(ii) Identical product <br>(iii) Free entry and exit <br>(iv) No transportation cost
Question 40 :
Assume that when the price is Rs. 20, the quantity demanded is 15 units, and when the price is Rs. 18, the quantity demanded is 16 units. Based on this information, what is the marginal revenue resulting from an increase in output from 15 units to 16 units?
Question 41 :
Which of the following type of competition is just a theoretical economic concept, not a realistic case where actual competition and trade take place?
Question 42 :
When demand curve shifts rightward, and supply curve leftward, the equilibrium quantity _________.
Question 43 :
A seller cannot influence the market price under (Choose the correct alternative) :
Question 45 :
What is the shape of the demand curve faced by a firm under perfect competition?
Question 55 :
Firm in industry is 'price taker'. This is feature of ________.
Question 56 :
___________ of a firm shows the levels of output (plotted on the x-axis) that the firm chooses to produce corresponding to different values of the market price (plotted on the y-axis).
Question 59 :
Firm's demand curve shows highest elasticity in a state of monopolistic competition (in which there is a large number of close substitutes) than in a state of monopoly or perfect competition.
Question 61 :
In perfect competition, when price is less than minimum AVC in the short run, the firm produces __________.
Question 63 :
Under perfect competition, the industry does not have any excess capacity because each firm produces at the minimum point on its ________.
