Question 1: Under which market form a firm is the Price Taker?
Question 2: Sketch a Demand Curve under the Perfect Competition. Also illustrate it.
Question 3: State the term Equilibrium price with appropriate example?
Question 4: When does the condition of excess supply Curve occur?
Question 5: What do you mean by Profit Maximization condition for the Perfect Competition? Explain in detail.
Question 6: Why is the organization under the Perfect Competition a price taker?
Question 7: Describe the three feature of the Perfect Competition.
Question 8: Describe the determination of the Equilibrium Price under Perfect Competition with the aid of Schedule.
Question 9: Show that a raise in the demand leads to a drop in the price of the commodity?
Question 10: Diagrammatically symbolize the impact of a reduction in the Supply on Equilibrium Price.