What is the shape of the demand curve faced by a firm under perfect competition?

For a price-taking firm

The firm in a perfectly competitive market is a price taker. This designation as a price taker is based on the assumption that______________.

A purely competitive firm's supply schedule in the short run is determined by_____________.

The term 'market'refers to a______________.

What are the main forms of market?

In which market forms are average revenue and marginal revenue of a firm always equal?

In which market form does a firm face a perfectly elastic demand curve?

What is meant by the term 'price-taker' in the context of a firm?

Under which market form a firm is a price-taker?

What are the Characteristics of a perfectly competitive market?

What is price line under perfect competition?

What is the relation between market price and average revenue of a price taking firm (i.e. perfectly competitive firm)?

Explain features of perfect knowledge about the market.

What is a competitive market? Briefly describe a type of market that is not perfectly competitive

Explain the implications of large number of buyers in a perfectly competitive market.

Explain the features of free entry and exit of firms.

Explain the short run supply curve of the firm.

'Supply curve is the rising portion of marginal cost curve over and above the minimum of Average Variable cost curve'. Do you agree? Support your answer with valid reason.