306) A perfect competitor finds that the best it can do if it produces any output is to produce a daily output of 100 units which it will sell at the market price or AR of Rs.10, but even then it would then make a loss. Under what circumstances would it definit
Answer is:
If, at an output of 100 a day, its AVC would be above Rs.10
Related Micro Economics MCQ (GK Set-1) with Answers
Answer is:
The part of the SMC curve above its intersection with the AVC curve
Answer is:
A change in the price of a fixed input
Answer is:
Its LMC, LAC, SMC and SAC
310) When would a perfectly competitive industry have a long-run supply curve that slopes downwards?
Answer is: