
Perfect Competition
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University
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Firdaus Khan
Used 2+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a perfectly competitive market, firms are considered to be:
Price makers
Price takers
Monopolists
Oligopolists
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True or False: In perfect competition, the market demand curve is perfectly elastic.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes market equilibrium in perfect competition?
Supply exceeds demand
Demand exceeds supply
Supply equals demand
Prices are set by the government
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the short run, a perfectly competitive firm will shut down if:
Total revenue is greater than total cost
Price is less than average variable cost
Price is greater than average total cost
Marginal cost is greater than marginal revenue
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a profit maximization strategy for a firm in perfect competition?
Setting a higher price than competitors
Producing where marginal cost equals marginal revenue
Reducing production to increase scarcity
Advertising to increase demand
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True or False: In the long run, firms in perfect competition can influence the market price.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a characteristic of perfect competition?
Free entry and exit
Differentiated products
Large number of buyers and sellers
Perfect information
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