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All the firms with identical costs under perfect competition well, in the long-run, earn only:

A. Normal profits

B. Abnormal profits

C. Differential profits

D. No profits

Please do not use chat terms. Example: avoid using "grt" instead of "great".

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  1. When price increases and with it the total outlay on a commodity also increases, it is a case of:
  2. Each firm in cournot model assumes that its competitor will:
  3. The feasible part of the demand curve for the monopolist who is charging high price will be:
  4. At low prices, demand is likely to be:
  5. The nominal income of a consumer is income in terms of:
  6. Elasticity of supply means change in supply due to change in:
  7. If production increases under increasing returns to scale, the cost will:
  8. The indirect utility function is a homogeneous function of:
  9. In case of monopoly:
  10. In sweezy model (kinked demand curve model), the overall increase in costs of production:
  11. Theory of revealed preference is based on:
  12. According to Chamberline, in monopolistic competition, differentiation is determined by:
  13. Which of the following is assumed to be constant when drawing a demand curve?
  14. Consumers Surplus can also be defined as:
  15. Cournot equilibrium is attained where two reaction curves:
  16. The game theory was basically presented by:
  17. Average Revenue means:
  18. The slope of the iso-cost line (budget line) is determined by:
  19. Capital and Development Planning is the work of:
  20. With an increase in income, consumer is expected to buy more of:
  21. The law of variable proportions comes into being when:
  22. The game theory takes into consideration:
  23. General Equilibrium deals with the equilibrium of the:
  24. When at a given price, the quantity demanded of a commodity is more than the quantity supplied, there…
  25. Pure monopoly exists:
  26. Demand for a commodity is elastic when it has
  27. Under competitive conditions, the industry will be in equilibrium:
  28. The advertisement and other selling activities:
  29. If a good is an inferior good then an increase in incomes of the consumers will:
  30. If under perfect competition, in the short period, price does not cover the average cost completely,…