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Perfect Competi...

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  • Question 1
    1 / -0

    What is the primary objective of imposing a price floor in a market?

  • Question 2
    1 / -0

    Excesssupply results in ______.

  • Question 3
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    In a market, if the current price is below the equilibrium price, what is likely to happen?

  • Question 4
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    ________ is determined when the quantity demanded of a commodity becomes equal to the quantity supplied.

  • Question 5
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    Sellers in perfect competition are price takers because:

  • Question 6
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    Anincrease in demand leads to:

  • Question 7
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    The capital that is consumed by an economy or a firm in the production process is known as:

  • Question 8
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    In excessdemand, buyers are ready to Pay higher prices to:

  • Question 9
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    What happens to the supply curve of a product when there is an increase in the cost of raw materials used in its production?

  • Question 10
    1 / -0

    Firms in a perfectly competitive market can only make profits or losses in the short run because:

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