Suppose the unit tax imposed by the government is Rs 2. If the firm produces and sells 10 units of goods, the total tax that the firm must pay to the government is Rs..............

Arrange a statement of market equilibrium when the demand curve shifts leftward:

(A). The shift indicates that at any price the quantity demanded is less than before.

(B). Some firms will reduce the price of their commodity so that they can sell their desired quantity.

(C). Excess supply will arise.

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

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Identify the incorrect statement regarding price flooring:

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

A positive level of output at which a firm's profit is maximised must hold some conditions, Identify those conditions from the following:

A. The price must equal to marginal cost.

B. Marginal cost must be non-decreasing.

C. Price must be greater than or equal to the average variable cost.

D. The price should less than marginal cost.

Select the correct option from the following:

What are the key components of a perfectly competitive market?

(A) Large number of buyers and sellers.

(B) Homogeneous product.

(C) Free Entry and exit.

(D) Asymmetric Information.

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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.

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