Match List-I with List-II

List-I	List-II
(A) Price-takers	(I) Break-even point.
(B) Price less than minimum point of AVC curve	(II) Normal profit.
(C) A firm earns normal profit	(III) Perfectly Competitive Market.
(D) A firm covers the explicit costs and opportunity costs	(IV) Shut down point.

Choose the correct answer from the options given below:

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..............

Under Perfect Competition, Large number of buyers and sellers implies:

Identify the incorrect option from the following related to a perfectly competitive market.

Which of the following is true about the relationship between Total Revenue (TR) and Marginal Revenue (MR) in a perfectly competitive market?

(A) Total Revenue will increase at a constant rate.

(B) Marginal Revenue is more than Average Revenue.

(C) Marginal Revenue remains constant throughout.

(D) Marginal Revenue is equal to Average Revenue.

Choose the correct answer from the options given b-elow:

Which of the following condition must be satisfied for profit maximization under perfect competition for the Short Run (SR) and for the Long Run (LR) respectively?

Where P = Price, AVC = Average variable cost, AFC = Average fixed cost, AC = Average cost.

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.