Perfect Competition in the Short Run- Microeconomics Topic 3.7 (1 of 2)
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Business
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11th Grade - University
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Hard
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a characteristic of perfect competition?
Products are identical.
Firms are price-makers.
There are many small firms.
Firms are price-takers.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a perfectly competitive market, what happens if a firm tries to set a price above the market price?
It will sell more products.
It will sell the same amount of products.
It will not sell any products.
It will sell fewer products but at a higher profit.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the horizontal demand curve in perfect competition indicate?
Demand is perfectly inelastic.
Firms can set their own prices.
Demand is perfectly elastic.
Firms have no control over the market price.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the profit-maximizing rule for firms in perfect competition?
Produce where average cost is minimized.
Produce where marginal cost equals marginal revenue.
Produce where total revenue equals total cost.
Produce where marginal revenue exceeds marginal cost.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is economic profit calculated in a perfectly competitive market?
Total revenue minus total cost.
Price times quantity sold.
Total cost minus total revenue.
Average cost times quantity sold.
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