Market Equilibrium: Fixed Number of Firms

An increase in total revenue by the sale of an additional unit of the commodity is called Marginal Revenue.

Which one is a feature of monopoly?
 

When the price is higher than the equilibrium price.

What happens when a binding price ceiling is lifted in a market?

What effect does an improvement in production technology have on market equilibrium?

How does an increase in consumer income affect the equilibrium of a normal good?

In what scenario does the burden of a tax fall entirely on consumers?

How does a subsidy given to producers affect market equilibrium?

What is the effect of a price floor set above the equilibrium price?

What will happen if the price prevailing in the market is above the equilibrium price?

When do we say there is excess supply for a commodity in the market?

At the market price of Rs 10, a firm supplies 4 units of output. The market price increases to Rs 30. The price elasticity of the firm’s supply is 1.25. What quantity will the firm supply at the new price?

How do changes in market prices affect a firm’s revenue in a perfectly competitive market?

How does the imposition of a unit tax affect the supply curve of a firm?

Will a profit-maximising firm in a competitive market ever produce a positive level of output in the range where the marginal cost is falling? Give an explanation.

What conditions must hold if a profit-maximising firm produces positive output in a competitive market?

How are the total revenue of a firm, market price, and the quantity sold by the firm related to each other?

What does the average fixed cost curve look like? Why does it look so?