AP Econ Flashcard Monopoly vs Perfect Competition

Front

The graphs below show a firm in perfect competition. Which of the following demonstrates a firm earning normal profit?

Back

Front

The graphs below show a firm in perfect competition. Which of the following demonstrates a firm earning economic profit?

Back

Front

The graphs below show a firm in perfect competition. Which of the following demonstrates a firm earning economic loss (operating profit)?

Back

Front

The graphs below show a firm in perfect competition. Which of the following demonstrates a firm earning at the shutdown point?

Back

Front

Which of the following demonstrates a firm in perfect competition earning economic profit?

Back

Front

Which of the following demonstrates a monopoly earning economic profit?

Back

Front

Which of the following demonstrates a monopoly earning normal profit?

Back

Front

Which of the following demonstrates a firm in perfect competition earning normal profit?

Back

Front

This firm is in perfect competition. If the market price is $21 and the firm is profit maximizing then this firm will produce

Back

14

Front

This firm is in perfect competition. If the market price is $21 and the firm is going to produce at the fair trade (returns) then this firm will produce

Back

20