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ME
Question Practice

What happens to market prices when firms begin to earn supernormal profits in a perfectly competitive market?

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

What happens to market prices ...

Single Answer MCQ
Q-00089613

What happens to market prices when firms begin to earn supernormal profits in a perfectly competitive market?

1

Prices increase immediately

2

Prices remain unchanged

3

Prices decrease over time

4

Prices fluctuate randomly

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Q1.

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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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