Which of the following statements are correct?

(

a) Perfect competition less perfect knowledge and perfect mobility is pure competition.

(

b) Under perfect competition, a firm fixes its price where its AR = MR.

(

c) A firm is a price-taker under perfect competition.

(

d) In a perfectly competitive industry, a firm is in equilibrium in the short run only when its AC = AR = MR = MC.

(

e) The short run supply curve has a negative slope.
(

f) A firm reaches its shut-down point when price goes below its AC.
( g) Industry supply curve is a horizontal summation of its firm’s supply curves.
( h) An industry is in equilibrium in the short run when market is cleared.
( i) Change in the industry equilibrium changes firm’s equilibrium.
( j) Industry supply curve has a positive slope under decreasing cost conditions.
( k) In the long run, a firm is in equilibrium when its AR = MR = LAC = LMC.
[Ans. ( a), ( c), ( g), ( h), ( i) and ( k)]