Select the INCORRECT feature of the market with respect to perfect competition.

1. The market consists of a large number of buyers and sellers.
2. Entry into the market as well as exit from the market are free for firms.
3. Buyers are price makers.
4. There is perfect knowledge.

Which of the following is NOT a condition for profit maximization of a perfectly competitive firm in the short run?

When Government fix the minimum price of any commodity this move of government is known by:

Which of the following condition must be satisfied for profit maximization under perfect competition for the Short Run (SR) and for the Long Run (LR) respectively?

Where P = Price, AVC = Average variable cost, AFC = Average fixed cost, AC = Average cost.

The government-imposed lower limit on the price that may be charged for a particular good or service. What this lower limit is called ?

Arrange the following steps of Market Equilibrium under perfect competition in the correct order.

(A) Excess of market demand over market supply will cause excess demand situation.

(B) Quantity demanded will fall and quantity supplied will rise.

(C) The market will move towards the point where the quantity that the firm wants to sell is equal to the quantity that the consumer wants to buy.

(D) The market price would tend to increase, due to competition among buyers.

Choose the correct answer from the options given below:

In a particular country, there was a severe heatwave. Arrange the following in the sequence of order in context of the market of ice-creams.

(A) Rise in the price of ice cream.

(B) Supply will remain the same.

(C) Competition among the buyers of ice cream inceaseees.

(D) The demand for ice cream increases.

Choose the correct answer from the options given below: