Under perfect competition,short run equilibrium of a firm will be ?->(Show Answer!)

1. Under perfect competition,short run equilibrium of a firm will be

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MCQ-> Read the passage given below and answer the following questionsFirms are said to be in perfect competition when the following conditions occur: (1) many firms produce identical products; (2) many buyers are available to buy the product, and many sellers are available to sell the product; (3) sellers and buyers have all relevant information to make rational decisions about the product being bought and sold; and (4) firms can enter and leave the market without any restrictions—in other words, there is free entry and exit into and out of the market.A perfectly competitive firm is known as a price taker, because the pressure of competing firms forces them to accept the prevailing equilibrium price in the market. If a firm in a perfectly competitive market raises the price of its product by so much as a penny, it will lose all of its sales to competitors. When a wheat grower, wants to know what the going price of wheat is, he or she has to go to the computer or listen to the radio to check. The market price is determined solely by supply and demand in the entire market and not the individual farmer. Also, a perfectly competitive firm must be a very small player in the overall market, so that it can increase or decrease output without noticeably affecting the overall quantity supplied and price in the market.A perfectly competitive market is a hypothetical extreme; however, producers in a number of industries do face many competitor firms selling highly similar goods, in which case they must often act as price takers. Agricultural markets are often used as an example. The same crops grown by different farmers are largely interchangeable. According to the United States Department of Agriculture monthly reports, in 2015, U.S. corn farmers received an average price of $6.00 per bushel and wheat farmers received an average price of $6.00 per bushel. A corn farmer who attempted to sell at $7.00 per bushel, or a wheat grower who attempted to sell for $8.00 per bushel, would not have found any buyers. A perfectly competitive firm will not sell below the equilibrium price either. Why should they when they can sell all they want at the higher price?Source: Principles of Economics, Download for free at http://cnx.org/content/col11613/latest.According to the passage, why is a perfectly competitive firm a price taker?
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MCQ-> Read the following information and choose the right alternative in the questions that follow.During the cultural week of an institute six competitions were conducted. The cultural week was inaugurated in the morning of 19th October, Wednesday and continued till 26th October. In the span of 8 days six competitions namely debate, folk dance, fash-p, street play, rock band, and group song, were organized along with various other cultural programs. The information available from the institute is: i. Only one competition was held in a day ii. Rock band competition was not conducted on the closing day. iii. Fash-p was conducted on the day prior to debate competition iv. Group song competition was conducted neither on Wednesday nor on Saturday v. None of the competition was conducted on Thursday and Sunday vi. Street Play competition was held on Monday vii. There was gap of two days between debate competition and group song competitionThe cultural week started with which competition?
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