Perfect competition: previous year questions
Asked 10 times in 2 exams across 3 years. Newest first.
Practise Perfect competition, easy to hard →
- GATE 2023 Q57The demand and supply functions for a commodity are given by: D(p) = 10-2p and S(p) = -2+p where D(p) and S(p) are the quantity demanded and…
- IIT JAM 2022 Q1The supply curve Sₓ is backward bending and the demand curve Dₓ is downward sloping. They intersect at two points: M, at a high price P_(x_M) and…
- IIT JAM 2022 Q36Demand Qₓ^D = f(Pₓ, I) and supply Qₓ^S = g(Pₓ, A), where I (income) and A (advertisement) are exogenous. Given (∂ f)/(∂ Pₓ) < 0, (∂ g)/(∂ Pₓ) > 0…
- IIT JAM 2022 Q48The cost function for firm i is Cᵢ = 0.25qᵢ² + 2qᵢ + 5, i = 1, …, 150. The aggregate inverse demand is P = 10 - 0.01Q, where Q is aggregate output.…
- IIT JAM 2022 Q60Two firms F₁ and F₂ produce homogeneous products with inverse demand p = 120 - 0.5(q₁ + q₂). Costs are C₁ = 20q₁ and C₂ = 10 + 0.5q₂². Assuming a…
- GATE 2021 Q15Assuming that external economies exist, when demand increases in a perfectly competitive market, in the long-run, the price of the product
- GATE 2021 Q23Consider the following demand-supply model, where Demand function: P=Q²-12Q+35 Supply function: 4P-3Q=0 The stable market equilibrium price-quantity…
- GATE 2021 Q38The long-run cost function of all identical firms in a perfectly competitive industry is given by: C=25q-3q²+1.5q³ The market demand function is…
- IIT JAM 2021 Q17Two firms with identical technology have cost Cᵢ(qᵢ) = qᵢ². Market demand is p = 100 - q with q = q₁ + q₂. Assuming the firms are price takers, the…
- IIT JAM 2021 Q52A vaccine has supply q = 14 + 5p and demand q = 329 - 5p. The government sets a maximum price of Rs. 25 and subsidizes sellers per unit so the…