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

Related Questions

  1. In monopolistic competition, the aim of the firm is to:
  2. Kinked Demand Curve is consistent with which one of the following market situations?
  3. Elasticity of supply means change in supply due to change in:
  4. When at a given price, the quantity demanded of a commodity is more than the quantity supplied, there…
  5. If a person behaves against the laws of economics then:
  6. The game theory is concerned with:
  7. Any expansion in output by a firm in the short period will always reduce the:
  8. In case of monopoly, when total revenue is maximum:
  9. The arc elasticity is the measure of average elasticity at the mid-point of the chord and connects:
  10. The supply curve for the short-run competitive firm is the same as:
  11. Income-demand curve shows:
  12. The output where TC = TR & AC = AR:
  13. Change in quantity demanded refers to:
  14. The short-run supply curve of the perfectly competitive firm is given by:
  15. Chamberline introduces the concept of:
  16. A fall in demand for the product under monopolistic competition will likely result in:
  17. Under competitive conditions, the industry will be in equilibrium:
  18. The name of the system of direct exchange is:
  19. In short-run, in monopolistic competition, a firm earns:
  20. The Tit for Tat strategy means cooperation by the 2nd firm if:
  21. Identify the author of The Social Framework:
  22. Income-elasticity of demand is expressed as:
  23. If a commodity sold under monopoly is got free of cost, then MC will be:
  24. The law of demand is most directly a result of:
  25. The demand curve of ostentation goods (Veblen goods) will be:
  26. In joint-profit maximization cartel, central agency sets the:
  27. The indifference curve technique:
  28. In second degree price discrimination, monopolist takes away :
  29. Marshalls definition of economics was strongly criticised by:
  30. Who wrote A Contribution to the Theory of Trade Cycle?

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