Suppose the market for cricket balls is perfectly competitive. When the price of a cricket ball is Rs 20, let us assume that 400 cricket balls are supplied by the firms in the market. When the price of a cricket ball rises to Rs 60, let us assume that 2,000 cricket balls are supplied in aggregate by the firms in the market. What will be the value of price elasticity of supply?

Match the LIST-I with LIST-II

(SMC = Short run marginal cost, AVC = Average variable Cost, MR= Marginal Revenue)

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Which of the following condition is satisfied for a firm to maximise it's profit in the short run under perfect competition?

Where, P = Price, AC = Average cost, MC = Marginal Cost.

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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For a price-taking firm, the market price is equal to marginal revenue and ......

Identify the correct sequence due to which firms under perfect competition earn normal profits in the long run.

(A) The firms are earning less than normal profit at the prevailing price.

(B) The profits of each firm will increase to the level of normal profit.

(C) No more firm will want to leave, since they will be earning normal profit here.

(D) Some firms will exit, which will lead to an increase in price.

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