Under perfect competition, a firm will be in equilibrium if:

A. MC = MR

B. MC cuts the MR from below

C. MC rises when it cuts the MR

D. All the above three conditions are fulfilled

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

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  1. Increase in demand occurs when:
  2. The elasticity of substitution measures the percentage change in the ratio of inputs when any producer…
  3. Elasticity of supply means change in supply due to change in:
  4. AR curve under perfect competition:
  5. A firm will be in equilibrium when the lowest isocost is:
  6. The reaction curve of a firm is attained by joining the:
  7. If the supply and demand increases equally, the price will:
  8. When at a given price, the quantity supplied of a commodity is more than the quantity demanded, there…
  9. The demand curve of a firm in monopolistic competition is:
  10. The ordinary demand curve is also called:
  11. A vertical supply curve parallel to the price axis implies that the elasticity of supply is:
  12. The Latin term citeris paribus means:
  13. In dominant strategies I am doing the best, I can no matter:
  14. The largest possible loss that a firm will make in the short run is:
  15. LMC represents change in LTC (long-run total cost) due to producing an additional unit of a good while…
  16. All of the following curves are U-Shaped except:
  17. If two goods have same marginal utility for a consumer then:
  18. The falling part of total Utility (TU) curve shows:
  19. If a ten percent increase in price causes a ten percent reduction in quantity demanded, elasticity of…
  20. A dominant strategy can best be described as:
  21. Supply of commodity is a:
  22. In real life, brand loyalty is a barrier to:
  23. The total utility (TU) curve is:
  24. According to the principle of substitution?
  25. The budget-line is also known as the:
  26. Which is not an essential feature of a socialist economy?
  27. If demand increased and supply decreased then:
  28. The budget line is described by each of the following except:
  29. In perfectly competitive markets, the profit maximization rule can be represented by:
  30. Which of the following is an implicit cost of production?