One has to specify the market environment in which a firm functions. Identify the features of a perfectly competitive market:

(A) The market consists of a large number of buyers and sellers

(B) Each firm produces and sells a heterogeneous product.

(C) Entry into the market as well as exit from the market are free for firms.

(D) Perfect Information.

Choose the correct answer from the options given below:

Match List-I with List-II

Choose the correct answer from the options given below:

The total revenue of a firm is increasing at a constant rate. Which of the following is true about this firm?

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

Suppose the Income of consumers in a market increase. How will this effect the equilibrium price of the commodity, assuming that it is a normal good?

(A) There is excess demand at the existing price.

(B) Rising price leads to contraction in demand and expansion in supply and a new equilibrium price is attained, which is higher than the initial price.

(C) The demand curve shifts rightward.

(D) There is upward pressure on the price and price starts rising.

Choose the correct answer from the options given below:

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:

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.