Identify the correct statement regarding the supply of a given commodity.

Arrange the following steps of Market Equilibrium under perfect competition in the correct order.

(A) Excess of market demand over market supply will cause excess demand situation.

(B) Quantity demanded will fall and quantity supplied will rise.

(C) The market will move towards the point where the quantity that the firm wants to sell is equal to the quantity that the consumer wants to buy.

(D) The market price would tend to increase, due to competition among buyers.

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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?

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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Which of the following are features of the perfect competition market?

(A) Price taking behavior of firms.

(B) Restriction on entry and exit of firms.

(C) Large number of sellers and buyers.

(D) Asymmetric Information.

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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.