Which of the following condition is satisfied for a firm to maximise it's profit in the short run under perfect competition?

Where, P = Price, AC = Average cost, MC = Marginal Cost.

Perfect information implies that all buyers and all sellers are completely informed about the price, quality and other relevant details about the product, as well as the market. These features result in the single most distinguishing characteristic of perfect competition, that is...

Match List-I with List-II

Choose the correct answer from the options given below:

1. (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
2. (A) - (III), (B) - (II), (C) - (IV), (D) - (I)
3. (A) - (IV), (B) - (III), (C) - (II), (D) - (I)
4. (A) - (IV), (B) - (III), (C) - (I), (D) - (II)

Which one of the following fulfills for supply curve of a firm under perfectly competitive market in the long run?

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:

Identify the incorrect statement regarding price flooring:

In a perfectly competitive market choose the correct statement from the following.

(A) Equilibrium occurs where market demand equals market supply.

(B) Each firm employs labour upto the point where the marginal revenue of labour equals the wage rate.

(C) Equilibrium price and quantity are determined when there is large number of firms.

(D) Equilibrium price is always equal to minimum average cost of the firms.

Choose the correct answer from the options given below: