CUET Economics 2025 21 May Shift 1Micro > EasyPerfectly inelastic.Unit elastic.More than unit elastric.Perfectly elastic.✅ Correct Option: 4Related questions:31 May Shift 1Select the INCORRECT feature of the market with respect to perfect competition. The market consists of a large number of buyers and sellers. Entry into the market as well as exit from the market are free for firms. Buyers are price makers. There is perfect knowledge. 14 May Shift 1Under perfect competition if firms earn supernormal profits. Arrange following statements to arrive at the implication of free entry and exit of firms (A) Market price fall in such a manner that firms will be earning normal profits only and thus no more firms will have incentive to enter the market. (B) Some new firms will enter the market (C) At the prevailing market price, each firm is earning supernormal profit. (D) Demand remains unchanged but the market supply curve shifts rightward28 May Shift 2The existence of a large number of buyers and sellers in the perfectly competitive market means?