Perfect Competition

Perfect Competition

Assessment

Flashcard

Social Studies

University

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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21 questions

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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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