Perfect Competition

Perfect Competition

12th Grade

7 Qs

quiz-placeholder

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Perfect Competition

Perfect Competition

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Gilbert Velasquez

Used 373+ times

FREE Resource

7 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Perfect competition is characterized by
a large number of sellers and buyers.
diverse products.
sellers acting together to set prices.
uninformed buyers and sellers.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under perfect competition,
products are similar but not identical.
numerous restrictions prevent firms from entering the market.
no seller can sell a product above the prevailing market price.
a single seller can affect price.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which market has no competition?

perfect competition

oligopoly

imperfect competition

monopolistic competition

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A perfect competitive firm charges a price that is ____________.

different to other firms

higher than other firms

lower than other firms

similar to other firms

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is not a characteristic for perfect competition?

No barriers to entry and exit

Large firms

Perfect Information

Homogenous product

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In perfect competition, restrictions on entry into an industry

apply to labor but not to capital

do not exist

apply to both capital and labor

apply to capital but not to labor

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The demand curve for a perfectly competitive firm is:
perfectly inelastic.
perfectly elastic.
downward sloping.
relatively but not perfectly elastic.