The representative firm in a purely competitive industry:

Related MCQs

• Price is constant or "given" to the individual firm selling in a purely competitive market because:
• The purely competitive firm's supply curve:
• When a purely competitive firm is in long-run equilibrium, price is equal to:
• Suppose a competitive firm produces 100 units of X for a price of Rs.10 a unit. The firm is employing labour and capital such that the marginal physical product of labour and capital is 20 and 5 and the prices paid to labour and capital are Rs. 60 and Rs. 40 respectively. How would you characterize the firm
• When a perfectly competitive industry is in long-run equilibrium, all firms in the industry
• When the perfectly competitive firm and industry are both in long-run equilibrium
• When the perfectly competitive firm but not the industry is in long-run equilibrium,
• When the perfectly competitive firm and industry are both in long run equilibrium
• If an imperfectly competitive firm is producing a level of output where marginal cost is equal to marginal revenue, marginal revenue is below average variable cost, and price is equal to average total cost, then the firm
• If a perfectly competitive industry is in long-run equilibrium, which of the following is most likely to be true