Which of the following combinations are correct about perfectly competitive market?

A. Large number of buyers and sellers.

B. Heterogenous product.

C. Free entry and exit.

D. Price is equal to marginal cost.

Choose the correct answer from the options given below:

Suppose the market for cricket balls is perfectly competitive. When the price of a cricket ball is Rs 20, let us assume that 400 cricket balls are supplied by the firms in the market. When the price of a cricket ball rises to Rs 60, let us assume that 2,000 cricket balls are supplied in aggregate by the firms in the market. What will be the value of price elasticity of supply?

Let us consider the example of a market consisting of identical farms producing the same quality of wheat. Suppose the market demand curve and the market supply curve for wheat are given by: qᵈ = 200 - p and qˢ = 120 + p. What is the equilibrium price?

Match List-I with List-II

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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:

The point of minimum average cost at which the supply curve cuts the long run average cost (LRAC) curve is called ----------------- of a firm.

Identify the incorrect statement regarding price flooring: