If prices fall in a perfectly competitive industry, the firms in that industry in the short run will
Not decrease in number
Keep output at the same level but make losses
Reduce production
Intensity the advertisement of their products
Correct answer is C
No explanation has been provided for this answer.
Total revenue is always equal to
Marginal revenue multiplied by the quantity sold
Average revenue plus marginal revenue
Marginal revenue multiplied by marginal cost
Average revenue multiplied by the quantity sold
Correct answer is D
No explanation has been provided for this answer.
One of the characteristics of an imperfect market is
A large number of buyers and sellers
A lack of homogeneity of products
An adequate awareness of market conditions by buyers and sellers
The availability of substitutes
Correct answer is B
No explanation has been provided for this answer.
One factor which influences the slope of a non-linear demand curve for a commodity is the
Price of the commodity
Quantity of the commodity demanded
Availability of substitutes
Available of complements
Correct answer is C
No explanation has been provided for this answer.
Both the price and the quantity fall
The price rise and the quantity falls
The price falls and the quantity rises
Both the price and the quantity rise
Correct answer is D
No explanation has been provided for this answer.