Question
Which of the following statements are true regarding the
Perfect Competition market structure? 1. All firms in a perfectly competitive market sell identical products. 2. Firms in a perfectly competitive market have control over prices. 3. There is free entry and exit in a perfectly competitive market. 4. In the long run, firms in a perfectly competitive market earn normal profits. Select the correct answer using the code below:Solution
• Statement 1 is correct as firms in a perfectly competitive market sell identical products. • Statement 2 is incorrect because firms in perfect competition are price takers and do not have control over the market price. • Statement 3 is correct because in perfect competition, there are no barriers to entry or exit, allowing firms to freely enter or leave the market. • Statement 4 is correct because in the long run, firms in perfect competition earn normal profits, as the entry of new firms drives economic profits to zero.
Select the correct SYNONYM of the given word.
magnificent
In the following question, choose the word which is opposite in meaning to the given word.
Trivial
Choose the word opposite in meaning to the given word.
Ascend
In the following question select the answer pair that expresses a relationship most similar to that expressed in the capitalised pair.
INCONVEN...
India can use asset monetisation (A) proceeds to whittle (B) down its debt and that will help improve (C) Â the credit rating, that can be the best fisc...
Person with independent or unorthodox views
1) The movie was
2) all ready halfÂ
3) way when we
4) reached the theatre.
5) No error
Choose the option that is an antonym of the word in capitals.
 The boy is PUNISHED and so cannot go out to play with his friends.
Ammeter : Current :: Altimeter : ?
Select the most appropriate synonym of the given word.
Surreptitious
