Price Determinationin Different Market Quiz

CA/CMA Foundation Chapter 4 Price Determination in Different Market Quiz 1

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In Economics, the term ‘market’ refers to a:

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Market consists of __________.

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The Price Elasticity of demand of a firm in Pure Competition is :

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_________ conceived the “Time” element in markets and on the basis of this markets are classified into very short period, Short-Period, Long- Period & Very Long period.

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Monopsony means __________.

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The classification of market on the basis of Area does not include __________.

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_________ implies that the time available is adequate for altering the supplies by altering even the fixed factors of production.

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Generally, perishable goods like butter, eggs, milk, vegetables etc., will have __________.

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When the commodities are sold in small quantities, it is called as __________.

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__________ are those markets in which firm buy the resources they need (Land, Labour, Capital and entrepreneurship) to produce goods and services.

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The market for ultimate consumer is known as:

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Stock exchange market is an example of __________.

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Secular period is also known as __________.

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On the basis of nature of transactions, a market may be classified into:

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Marginal revenue can be defined as the change in total revenue resulting from the:

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If a seller obtains ₹ 3,000 after selling 50 units and ₹ 3,100 after selling 52 units, then marginal revenue will be:

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When price is ₹ 20, Quantity demanded is 10 units and price is decreased by 5% then quantity demand increased by 10% then Marginal revenue is __________.

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Average Revenue can be symboli-cally written as:

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Average revenue is the revenue earned __________.

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Average revenue curve is also known as:

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Average Revenue is also known as:

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The degree of control is very considerable in case of __________.

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In __________, there are few sellers who are selling competing products to many buyers.

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Which of the following Competition is characterized by many sellers who are selling identical products to many buyers?

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MR of nth unit is given by :

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Assume that when price is ₹ 20, the quantity demanded is 9 units, and when price is ₹ 19, the quantity demanded is 10 units. Based on this information, what is the marginal revenue resulting from an increase in output from 9 units to 10 units.

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Assume that when price is ₹ 20, the quantity demanded is 15 units, and when price is ₹ 18, the quantity demanded is 16 units. Based on this information, what is the marginal revenue resulting from an increase in output from 15 units to 16 units?

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Total revenue = _______________.

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The amount realized by the firm by selling certain units of commodity is called as :

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CA/CMA Foundation Chapter 4 Price Determination in Different Market Quiz 3

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Shift of the Demand curve to the means increase in demand.

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Suppose that a sole proprietorship is earning total revenues of 11,00,000 and is incurring explicit costs of ₹ 75,000 If the owner could work for another company for ₹ 30,000 a year, we would conclude that:

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It is assumed in economic theory that:

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Assume that consumers’ incomes and the number of sellers in the market for good A both decrease. Based upon this information, we can conclude, with certainty, that the equilibrium:

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If supply increases in a greater proportion than demand __________.

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If the price of a commodity is fixed, then with every increase in its sold quantity the total revenue will __________ and the marginal revenue will __________.

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If price is forced to stay below equilibrium price then consequently it can be said that:

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Changes in Demand & Supply may be due to __________.

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Which of the following may lead to changes in demand and Supply?

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Suppose the technology for pro-ducing personal computers improves and, at the same time, individuals discover new uses for personal computers so that there is greater utilisation of personal computers. Which of the following will happen to equilibrium price and equilibrium quantity?

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Which of these are characteristics of Perfect Competition.

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__________ is a ideal Market.

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Which of the following is not a condition of perfect competition?

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Under which of the following forms of market structure does a firm has no control over the price of its product:

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Which of the following is not an essential condition of pure competition?

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There can be simultaneous change in both demand and Supply. In that case, the equilibrium price will be __________.

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If demand increases without any corresponding increase in supply, there will be :

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When demand increases and supply __________, the equilibrium price __________ but nothing certain can be said about the change in equilibrium quantity.

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When the Supply and demand curves shift in the some direction and both demand & and Supply __________, the equilibrium quantity __________ but the change in equilibrium price is __________.

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If demand does not change but there is an increase in supply due to improved technology, then :

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One of the following is not correct about perfect competition:

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A market structure in which many firms sell products that are similar and identical is known as __________.

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Which of the following is not a characteristic of a competitive market?

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Agricultural goods markets depict characteristics close to:

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One of the essential conditions of Perfect Competition is :

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A perfect market is characterized by __________.

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Demand curve is equal to M.R. curve in which market?

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MR Curve = AR = Demand Curve is a feature of which kind of Market?

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The firm in a perfectly competitive market is a price-taker. This designation as a price-taker is based on the assumption that __________.

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Price-taking firms, i.e., firms that operate in a perfectly competitive market, are said to be “small” relative to the market. Which of the following best describes this smallness?

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CA/CMA Foundation Chapter 4 Price Determination in Different Market Quiz 4

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Price-taking firms, i.e., firms that operate in a perfectly competitive market, are said to be “small” relative to the market. Which of the following best describes this smallness?

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Which of these are characteristics of Perfect Competition.

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__________ is a ideal Market.

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Which of the following is not a condition of perfect competition?

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Under which of the following forms of market structure does a firm have no control over the price of its product?

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Which of the following statement is not correct?

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The condition for pure competition is:

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Which of the following markets would most closely satisfy the require-ments for a perfectly competitive Market?

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The price elasticity of demand for a product is infinite under:

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Under which of the following form of market structure does a firm have no control over the price of its production?

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Under which of the following form of market structure does a firm have no control over the price of its production?

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One of the following is not correct about perfect competition:

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A market structure in which many firms sell products that are similar and identical is known as __________.

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Which of the following is not a characteristic of a competitive market?

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Agricultural goods markets depict characteristics close to:

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One of the essential conditions of Perfect Competition is :

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A perfect market is characterized by __________.

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Demand curve is equal to M.R. curve in which market?

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MR Curve = AR = Demand Curve is a feature of which kind of Market?

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The firm in a perfectly competitive market is a price-taker. This designation as a price-taker is based on the assumption that __________.

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Perfectly Competitive markets have __________ transactions Costs.

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Which out of these are not a fea-ture of perfect competition?

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The Condition of perfect Competition are fulfilled to same extent in case of __________.

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The essential feature of Pure competition is __________.

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What is incorrect about Perfect Competition?

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Under which of the following forms of market structure does a firm have no control over the price of its product?

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Which of the following statement is not correct?

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The condition for pure competition is:

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Which of the following markets would most closely satisfy the require-ments for a perfectly competitive Market?

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The price elasticity of demand for a product is infinite under:

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CA/CMA Foundation Chapter 4 Price Determination in Different Market Quiz 4

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In perfect competition, since the firm is a price taker, the __________ curve is a straight line :

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Which of the following is not a characteristic of a “price-taker”?

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What is the shape of the demand curve faced by a firm under perfect competition?

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A firm is said to be in equilibrium when __________.

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Who sets the price of the product under perfect competition?

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Equilibrium price for an industry in perfect competition is fixed through.

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Price under perfect competition is determined by the __________.

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In case of perfect Competition, the industry is in equilibrium, when __________.

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An industry in economic termi-nology consists of a __________ number of firms.

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Which of the following statement is correct?

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Perfectly Competitive markets have __________ transactions Costs.

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Which out of these are not a fea-ture of perfect competition?

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The Condition of perfect Competition are fulfilled to same extent in case of __________.

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The essential feature of Pure competition is __________.

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What is incorrect about Perfect Competition?

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Under which of the following forms of market structure does a firm have no control over the price of its product?

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Which of the following statement is not correct?

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The condition for pure competition is:

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Which of the following markets would most closely satisfy the require-ments for a perfectly competitive Market?

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The price elasticity of demand for a product is infinite under:

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Perfectly competitive firm faces:

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Under which of the following market structure AR of the firm will be equal to MR?

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Price taker firms __________.

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Under which Market Situation demand curve is linear and parallel to X axis:

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Under perfect competition a firm is the __________.

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Under which of the following market structure AR of the firm will be equal to MR?

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What is the shape of perfectly competitive Average Revenue Curve?

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Which of the following statements is accurate regarding a perfectly com-petitive firm?

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For a price-taking firm :

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Average revenue curve is also known as:

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CA/CMA Foundation Chapter 4 Price Determination in Different Market Quiz 5

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Condition for producer equilib-rium is:

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For maximum profit, the condition is:

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Which is the first order condition for the profit of a firm to be maximum?

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Which of the following Statement is false as regards Perfect Competition?

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Which perfect completion firm is described as:

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Which of the following is incor-rect?

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The firm in a perfectly competitive market is a price taker. This designation as a price taker is based on the assumption that:

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In perfect Competition when the firm is a price taker, which curve among the following will be a straight line?

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MR Curve in perfect competition is __________.

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Which of the following is not the characteristic of MR?

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A purely competitive firm’s supply schedule in the short run is determined by __________.

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At the equilibrium position of a firm Under perfect Competition, __________.

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In the short run, a firm operates with a __________ amount of capital and must choose the level of its __________ so as to __________ profit.

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Demand curve is horizontal in the case of __________.

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Condition for equilibrium of firm:

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Average revenue curve is also known as:

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Which is the first order condition for the firm to maximize the profit __________.

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The firm will attain equilibrium at a point where MC curve cuts from below __________.

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In a perfectly competitive market the demand curve of a firm is:

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In market, the price and output equilibrium is determined on the basis of:

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When __________, we know that the firms must be producing at the minimum point of the average cost curve and so there will be productive efficiency.

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When __________, we know that the firms are earning just normal profits.

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If a perfectly competitive firms earns super normal profits then __________.

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In a perfectly competitive market, if MR is greater than MC, then a firm should:

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In a perfectly competitive market, if MR is greater than MC, then a firm should __________.

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When AR = ₹ 10 and AC = ₹ 8 the firm makes __________:

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The total Cost of production is ₹ 40,000 (1,000 units). If the firm is selling the product at ₹ 45 per unit, it is earning .

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When the average revenues are more than its average total Cost, the Firm is said to have earned:

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As regards short run supply curve of the firm in a Competitive market, for Prices __________ Average Variable Cost, the firm will Supply __________ units because the firm is to __________ meet even its variable Cost.

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In a perfectly Competitive Indus-try, the MC Curve of a firm depicts.

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When __________, there will be a locative efficiency meaning thereby that the cost of the last unit is exactly equal to the price consumers are willing to pay for it and so that the right goods are being sold to the right people at the right price.

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A firm will close down in the short period, if its AR is less than:

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A competitive firm in the short run incur losses. The firm continues production, if:

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If under perfect competition, the price line lies below the average cost curve, the firm would:

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A firm encounters its “shutdown point” when:

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