
Quiz on Perfect Competition

Quiz
•
Other
•
University
•
Hard
Nur Najwa
FREE Resource
21 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a characteristic of perfect competition?
Few buyers and sellers
Homogeneous products
High barriers to entry
Imperfect information
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In perfect competition, firms are considered to be:
Price makers
Monopolists
Price takers
Market leaders
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does total revenue equal in a competitive firm?
Price + Quantity
Price x Quantity
Quantity / Price
Price - Quantity
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the profit-maximizing condition for a firm?
TR = TC
MC = ATC
MR = MC
P = AVC
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens if marginal revenue is greater than marginal cost?
Exit the market
Decrease production
Increase production
Shut down operations
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the marginal-cost curve represent?
The market price
The firm's supply curve
The firm's demand curve
The average total cost
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the short run, a firm should shut down if:
P > AVC
P = MR
P < AVC
P = ATC
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