Perfect Competition
Flashcard
•
Social Studies
•
University
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
A market with a large number of sellers
Back
might be a monopolistically competitive or a perfectly competitive market.
2.
FLASHCARD QUESTION
Front
A perfectly competitive firm
Back
sells a product that has perfect substitutes.
3.
FLASHCARD QUESTION
Front
In part, perfect competition arises if each firm produces a good or service identical to those produced by its many competitors.
Back
b only
4.
FLASHCARD QUESTION
Front
During the winter, theme parks in Orlando close earlier than in the summer. The reason the theme parks close early during the winter is because during that season the marginal revenue from staying open later is ________ the marginal cost.
Back
less than
5.
FLASHCARD QUESTION
Front
A perfectly competitive firm is earning an economic profit when total fixed costs increase. Assuming the firm does not shut down, in the short run the firm will
Back
continue producing the same quantity as before but will make less economic profit.
6.
FLASHCARD QUESTION
Front
The above figure shows a perfectly competitive firm. If the market price is $15, the firm
Back
is making an economic profit.
7.
FLASHCARD QUESTION
Front
If the market price is more than $20 per unit, the firm
Back
will stay open to produce and will make an economic profit.
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