Quiz on Perfect Competition

Quiz on Perfect Competition

University

21 Qs

quiz-placeholder

Similar activities

Exam II Review

Exam II Review

University

20 Qs

Elasticities

Elasticities

University

20 Qs

Topic 1-4

Topic 1-4

University

20 Qs

Microeconomics Quiz

Microeconomics Quiz

University

25 Qs

Market Basics-1

Market Basics-1

University

17 Qs

supply

supply

10th Grade - University

22 Qs

Demand, Supply and Market Equilibrium

Demand, Supply and Market Equilibrium

University

21 Qs

PERFECT COMPETITION AND MONOPOLY

PERFECT COMPETITION AND MONOPOLY

University

20 Qs

Quiz on Perfect Competition

Quiz on Perfect Competition

Assessment

Quiz

Other

University

Hard

Created by

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

Create a free account and access millions of resources

Create resources
Host any resource
Get auto-graded reports
or continue with
Microsoft
Apple
Others
By signing up, you agree to our Terms of Service & Privacy Policy
Already have an account?