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Question Practice

If a market is in long-term equilibrium, which of the following statement is true?

Attempt the question, check the explanation, and continue with similar questions to build confidence before exams.

MCQ_SA
CBSE
Class 12
Economics
Introductory Microeconomics
Market Equilibrium
Question Bank

If a market is in long-term eq...

Single Answer MCQ
Q-00089623

If a market is in long-term equilibrium, which of the following statement is true?

1

All firms are earning losses

2

Firms are earning supernormal profits

3

Firms are earning normal profits

4

The market is closed to new entrants

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Q1.

What is market equilibrium?

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Q2.

When does excess demand occur in a market?

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Q3.

What occurs at a price above the equilibrium price?

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Q4.

What is the equilibrium price in a perfectly competitive market?

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