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Question Practice

Under perfect competition, what happens to long-run industry supply if firms are earning economic profits?

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

Under perfect competition, wha...

Single Answer MCQ
Q-00089531

Under perfect competition, what happens to long-run industry supply if firms are earning economic profits?

1

Supply decreases

2

Supply increases

3

Supply stays the same

4

Demand decreases

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

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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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