Arrange the following in ascending order as impact of the unit tax on supply :

(A) After imposition of unit tax ,firm will supply less unit of output

(B) Firm's long run average cost and marginal cost increases by Rs.t

(C) A unit tax is that tax which is imposes on per unit sale of output.

(D) suppose the government place a unit tax of Rs,t

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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.

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.

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A perfectly competitive market in an economy is categorized by the following features.

(A) Firms are price-takers.

(B) Average revenue is equal to market price.

(C) Market is perfectly inelastic.

(D) Marginal revenue is equal to market price.

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

The existence of a large number of buyers and sellers in the perfectly competitive market means?

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.

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