Excess capacity is not found under
A). Monopoly
B). Monopolistic competition
C). Perfect competition
D). Oligopoly
Perfect competition
Excess capacity is not found under Perfect competition. Under perfect competition, each firm produces at the minimum point on its LAC curve and its horizontal demand curve is tangent to it at that point. Its output is ideal and there is no excess capacity in the long-run.
1. Which tax causes a burden on the poorer section of the society?
2. A mixed economy is characterized by the co-existence of
4. The World Bank and IMF give respectively:
6. Quality of a commodity that satisfies some human want or need is called
7. Which one of the following pairs of commodities is an example of substitutes?
8. All the following curves are U-shaped except
9. The _________ of a firm is a relationship between inputs used and output produced by the firm.
10. Marginal utility is equal to average utility at that time when average utility is