“Under conditions of perfect competition, the price at which any given product will be supplied and purchased is the price that will result in the supply and the demand being equal.” This statement is known as the_________________?

A. Law of diminishing return
B. Law of supply
C. Law of demand
D. Law of supply and demand

Related Mcqs:

A _____________ is a market situation where economies of scale are so significant that cost are only minimized when the entire output of an industry is supplied by a single producer so that the supply costs are lower under monopoly that under perfect competition ?
A. Perfect monopoly B. Bilateral monopoly C. Natural monopoly D. Ordinary monopoly...
Aside from many sellers and many buyers, which one is a characteristic of perfect competition ?
A. Homogeneous product B. Free market entry and exit C. Perfect information and absence of all economic friction D. All of the above...
What is the opposite of perfect competition ?
A. Monopsony B. Oligopoly C. Oligopsony D. Monopoly...
What is another term for “perfect competition” ?
A. Atomistic competition B. No-limit competition C. Free-for-all competition D. Heterogeneous market...
What refers to the market situation in which any given product is supplied by a very large number of vendors and there is no restriction against additional vendors from entering the market ?
A. Perfect competition B. Oligopoly C. Oligopsony D. Monopoly...
A manufacturing firm maintains one product assembly line to produce signal generators. Weekly demand for the generators is 35 units. The line operates for 7 hours per day, 5 days per week. What is the maximum production time per unit in hours required of the line to meet the demand ?
A. 1.0 hour per unit B. 1.2 hours per unit C. 1.4 hours per unit D. 1.6 hours per unit...
“When one of the factors of production is fixed in quantity or is difficult to increase, increasing the other factors of production will result in a less than proportionate increase in output”. This statement is known as the______________?
A. Law of diminishing return B. Law of supply C. Law of demand D. Law of supply and demand...
A VOM has a selling price of P 400. If its selling price is expected to decline at a rate of 10% per annum due to obsolescence, what will be its selling price after 5 years ?
A. P 222.67 B. P 212.90 C. P 236.20 D. P 231.56...
What is a stock of a product which is held by a trade body or government as a means of regulating the price of that product ?
A. Stock pile B. Hoard stock C. Buffer stock D. Withheld stock...
The monthly demand for ice cans being manufactured by Mr. Camus is 3200 pieces. With a manual operated guillotine, the unit cutting cost is P25.00. An electrically operated hydraulic guillotine was offered to Mr. Camus at a price of P275,000.00 and which cuts by 30% the unit cutting cost. Disregarding the cost of money, how many months will Mr. Camus be able to recover the cost of the machine if he decides to buy now ?
A. 10 months B. 11 months C. 12 months D. 13 months...