Match List-I with List-II

List-I	List-II
(A) Total Revenue (TR)	(I) TR /quantity (q)
(B) Average Revenue (AR)	(II) ΔTR/Δq
(C) Marginal Revenue (MR)	(III) TR-TC
(D) Profit (π)	(IV) price × quantity

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Choose the correct option(s) with respect to free entry and exit assumption of a perfectly competitive market.

(A) At equilibrium, no firm earns supernormal profit.

(B) As new firms enter the market, the supply curve shifts leftward.

(C) Equilibrium price will be equal to the minimum average cost.

(D) At equilibrium, no firm incurs losses by remaining in production.

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

Arrange the following money supply measures in chronological order.

(A) Excess supply will prevail in the economy.

(B) The tendency of prices to change to restore equilibrium.

(C) Suppose market supply is greater than market demand at a given price.

(D) Hence, the market is not in equilibrium.

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In a perfectly competitive market, the marginal revenue curve is?

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.

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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.

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