Under competitive conditions, the industry will be in equilibrium:

A. When each firm is in equilibrium equating MC with MR

B. When all the firms are earning only normal profits

C. When firms outside have no tendency to enter the industry and those within, have no tendency to leave the industry

D. All of the above

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

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  1. If the supply and demand increases equally, the price will:
  2. In the case of complements, the cross demand curve slopes:
  3. On the total utility curve the economically relevant range is the portion over which:
  4. An income demand curve of an inferior good is:
  5. Plumbing and pipe-fitting require many of the same skills. If the wage paid to pipe-fitters increased…
  6. In the case where two commodities are good substitutes then cross elasticity will be:
  7. When at a given price, the quantity demanded of a commodity is more than the quantity supplied, there…
  8. Price leadership is associated with:
  9. Under the law of variable proportions, the average and the marginal product of the variable factor would…
  10. Demand is elastic when the coefficient of elasticity is:
  11. The Tit for Tat strategy means cooperation by the 2nd firm if:
  12. If the price of coffee increases, you would predict that:
  13. The number of sellers in oligopoly are:
  14. Elasticity (E) expressed by the term, 8 >E>1, is:
  15. With an increase in income, consumer is expected to buy more of:
  16. In case of monopoly, TR curve rises at a:
  17. If the production increases under decreasing returns to scale, the cost will:
  18. The cournot model is a model of:
  19. Under competitive conditions, the industry will be in equilibrium:
  20. In cournot model, firms make decisions separately regarding:
  21. When the law of demand operates the demand curve:
  22. Along an isoquant, output remains same, and capital labor ratio:
  23. If the slope of the isoquant is equal to the slope of isocost, then isoquant is:
  24. An inferior commodity is one whose quantity demand decreases when income of the consumer:
  25. Utility is:
  26. In case of economic bads, an IC can be :
  27. The difference between accounting profits and economic profits is:
  28. Moving along the indifference curve leaves the consumer:
  29. Elasticity of Substitution (s) is defined as:
  30. In real life, brand loyalty is a barrier to: