In the perfectly competitive market, if 10 packets of bread are sold at the price of Rs. 25 per packet, what will be the total revenue of a bread manufacturer?

1. Rs. 25
2. Rs. 250
3. Rs. 0.4
4. Rs. 2.5

Which of the following is true about the relationship between Total Revenue (TR) and Marginal Revenue (MR) in a perfectly competitive market?

(A) Total Revenue will increase at a constant rate.

(B) Marginal Revenue is more than Average Revenue.

(C) Marginal Revenue remains constant throughout.

(D) Marginal Revenue is equal to Average Revenue.

Choose the correct answer from the options given b-elow:

With the shifting demand curve leftward, arrange the following statement in sequential order.

(A) At any given price, demand is less.

(B) Excess supply will be there.

(C) Some producers will decrease the prices of commodity.

(D) At new equilibrium, quantity and price will be less.

Choose the correct answer from the options given below:

In a perfectly competitive market, a firm produces and sells a certain amount of goods. Among the following what reflect the firm's profit?

Identify the correct sequence due to which firms under perfect competition earn normal profits in the long run.

(A) The firms are earning less than normal profit at the prevailing price.

(B) The profits of each firm will increase to the level of normal profit.

(C) No more firm will want to leave, since they will be earning normal profit here.

(D) Some firms will exit, which will lead to an increase in price.

Choose the correct answer from the options given below:

Under Perfect Competition, Large number of buyers and sellers implies:

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.