Homework Answers
Ans. 9 Correct Option is price takers
because in this type of market , if the firms even raise the price by a small margin , they will loose alot of consumer , hence they are the price takers which is already been fixed by all other firms , which are there in the market.
Ans 10.Correct Option is when market is in equilibrium
Total Surplus = CS ( consumer surplus ) + PS ( producer surplus) , when price is equal to the level of equilibrium , So in terms of competitive market , only the efficient firms are able to produce their product under the market price and hence total surplus is maximized at this price level ( equilibrium ).
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