In perfect competition, the marginal revenue of an individual firm
Perfect Competition Market

Flashcard
•
Social Studies
•
1st - 10th Grade
•
Hard
Ashish Paul
FREE Resource
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10 questions
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1.
FLASHCARD QUESTION
Front
Back
equals the price of the product
2.
FLASHCARD QUESTION
Front
The demand curve in a purely competitive industry is ______, while the demand curve to a single firm in that industry is ______
Back
downsloping, perfectly elastic
3.
FLASHCARD QUESTION
Front
A firm will expand the amount of output it produces as long as its
Back
marginal revenue exceeds its marginal cost
4.
FLASHCARD QUESTION
Front
In the above figure, if the price is P1, the firm will produce: nothing, where MC equals P1, where MC equals ATC, where ATC equals P1.
Back
where MC equals P1
5.
FLASHCARD QUESTION
Front
In the figure, if the firm increases its output from Q2 to Q3, it will
Back
decrease its profit
6.
FLASHCARD QUESTION
Front
The short-run supply curve for a perfectly competitive firm is its marginal cost curve above the minimum point on the...
Back
average variable cost curve
7.
FLASHCARD QUESTION
Front
Average fixed cost at 4 units of output
Back
$1.00
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