Short-run and long-run equilibrium of a perfect competitor - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2:

• JAMB 1994

In the long run, a firm in a perfectly competitive market will make?

A. Normal profit
B. Adnormal profit
C. Marginal profit
D. No profit