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CBSE Class 12-commerce Answered

What is a perfectly competitive market?
Asked by Topperlearning User | 25 Apr, 2016, 02:51: PM
answered-by-expert Expert Answer

i. A perfectly competitive market is a market which consists of buyers and sellers.

ii. They produce a homogeneous product.

iii. Buyers and sellers in the market are price-taker.

Answered by | 25 Apr, 2016, 04:51: PM
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CBSE 12-commerce - Microeconomics
What is a perfectly competitive market?
Asked by Topperlearning User | 25 Apr, 2016, 02:51: PM
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CBSE 12-commerce - Microeconomics
What is revenue? What is the difference between revenue and profit?
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CBSE 12-commerce - Microeconomics
What is total revenue?
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CBSE 12-commerce - Microeconomics
What is average revenue and how is it related to price? Explain with a diagram.
Asked by Topperlearning User | 25 Apr, 2016, 02:51: PM
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CBSE 12-commerce - Microeconomics
Define marginal revenue?
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CBSE 12-commerce - Microeconomics
What relationship exists between average revenue and marginal revenue?
Asked by Topperlearning User | 25 Apr, 2016, 02:51: PM
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CBSE 12-commerce - Microeconomics
Why should MC be rising at the point of equilibrium?
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CBSE 12-commerce - Microeconomics
What will be the case if the firm increases its output, even when MR is equal to MC?
Asked by Topperlearning User | 25 Apr, 2016, 02:51: PM
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CBSE 12-commerce - Microeconomics
Find the level of output at which the producer is in equilibrium by using marginal revenue and cost method. Justify the statement. Output Price Total Cost 1 15 12 2 15 21 3 15 29 4 15 36 5 15 45 6 15 60 7 15 76  
Asked by Topperlearning User | 25 Apr, 2016, 02:51: PM
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CBSE 12-commerce - Microeconomics
Why is that the price must be greater than or equal to AC in the long run?
Asked by Topperlearning User | 25 Apr, 2016, 02:51: PM
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