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Question Practice

In the long run, what must be true for firms 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
The Theory Of The Firm Under P...
Question Bank

In the long run, what must be ...

Single Answer MCQ
Q-00089565

In the long run, what must be true for firms in a perfectly competitive market?

1

All firms make supernormal profits

2

Some firms must exit the market

3

Firms earn zero economic profit

4

Firms will always operate at a loss

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Q1.

Which of the following is NOT a characteristic of perfect competition?

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Q2.

What does 'free entry and exit' imply in a perfectly competitive market?

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Q3.

In a perfectly competitive market, what is the behavior of consumers?

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Q4.

What ensures that firms in perfect competition produce identical products?

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