Perfect competition is characterize by:
Business Units

Quiz
•
Business
•
11th - 12th Grade
•
Hard

Jennifer Duncombe
Used 17+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
a large number of sellers and buyers
sellers acting together to set prices
diverse products
uninformed sellers and buyers
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Under perfect competition,
products are similar but not identical
no seller can sell a product above the prevailing market price.
a single seller can affect price
numerous restrictions prevent firms from entering the market.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which market has no competition?
perfect competition
monopoly
oligopoly
monopolistic
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A perfect competitive firm charges a price that is:
different to other firms
lower than other firms
higher than other firms
similar to other firms
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a characteristic for perfect competition
no barriers to entry and exit
perfect information
large firms
homogenous products
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In perfect competition restrictions, on entry to an industry
apply to labor but not to capital
apply to both capital and labor
does not exist
apply to capital but not to labor
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In this market structure there is only one seller with a unique product
monopoly
monopolistic competition
perfect competition
oligopoly
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