Skip to content
We use only essential cookies to keep you signed in and remember your preferences. See our Cookie Policy.
TestStop
MocksPracticeResourcesIndiaBlogPricing
Sign in
Questions › UGC-NET › UGC-NET 2024 › Q37
2 marksMicroeconomics › Perfect competition › Market equilibrium and comparative staticsHardabout 2 min

UGC-NET 2024 Question 37: Perfect competition

In a market model with a 'lagged' supply function, lagging by one time period, the convergence of the time path of price towards the equilibrium price depends on

Tap an option to check your answer.

Answer and worked solution

Checking your account…

Perfect competition has come up 115 times in 7 exams since 2006.

What this question tests

This question is on Market equilibrium and comparative statics, part of Perfect competition in Microeconomics.

Finding equilibrium from demand and supply and tracing how it moves when either curve shifts.

TestStop has 25 past-paper questions on this subtopic; the nearest in year are below.

  • IIT JAM 2022 · Q1The supply curve Sₓ is backward bending and the demand curve Dₓ is downward sloping. They intersect at two…
  • IIT JAM 2022 · Q36Demand Qₓ^D = f(Pₓ, I) and supply Qₓ^S = g(Pₓ, A), where I (income) and A (advertisement) are exogenous.…
  • IIT JAM 2022 · Q48The cost function for firm i is Cᵢ = 0.25qᵢ² + 2qᵢ + 5, i = 1, …, 150. The aggregate inverse demand is P =…
  • IIT JAM 2021 · Q17Two firms with identical technology have cost Cᵢ(qᵢ) = qᵢ². Market demand is p = 100 - q with q = q₁ + q₂.…
Take this paper as a timed mockMore on Market equilibrium and comparative statics

Similar questions from other papers

  • GATE 2026 · Q61The market for torch is perfectly competitive. The market demand function for torch is given by X^d=min (400-p,0), p≥0, where p is the price of a torch. The market…
  • IIT JAM 2026 · Q32Consider the demand and supply functions: D(p)=400-8p and S(p)=2p, where p is the unit price and the choke price is Rupees 50. Identify which of the following…
  • CUET-PG 2025 · Q35Which of the following does not hold at the equilibrium price and quantity in a perfectly competitive market?
  • GATE 2025 · Q27In the context of a perfectly competitive market, identify the statement that is NOT CORRECT.
  • IIT JAM 2025 · Q5Which one of the following is the shut-down condition for a profit maximizing firm in a perfectly competitive market? (P = Price, AVC = Average Variable Cost, ATC =…

Question from the UGC-NET 2024 paper. Solutions are TestStop's own. Not affiliated with or endorsed by any examination authority.