Perfect Competition Market

Perfect Competition Market

Assessment

Flashcard

Social Studies

1st - 10th Grade

Hard

Created by

Ashish Paul

FREE Resource

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10 questions

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1.

FLASHCARD QUESTION

Front

In perfect competition, the marginal revenue of an individual firm

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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