Perfect Competition Market
Flashcard
•
Social Studies
•
1st - 10th Grade
•
Hard
Ashish Paul
FREE Resource
Student preview

10 questions
Show all answers
1.
FLASHCARD QUESTION
Front
In a perfect competition scenario, what is the marginal revenue of an individual firm like Rizky's lemonade stand?
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
Imagine Angga is running a firm and he's eager to expand the amount of output he produces. He knows that as long as his
Back
marginal revenue exceeds his marginal cost
4.
FLASHCARD QUESTION
Front
Hey Adi, imagine you're running a lemonade stand! If the price is P1, how much lemonade will you decide to produce?
Back
where MC equals P1
5.
FLASHCARD QUESTION
Front
Imagine you're running a lemonade stand. If you decide to boost your output from Q2 to Q3, what will happen?
Back
decrease its profit
6.
FLASHCARD QUESTION
Front
What is the short-run supply curve for a perfectly competitive firm related to? Hint: It's related to its marginal cost curve and comes into play above the minimum point on the...
Back
average variable cost curve
7.
FLASHCARD QUESTION
Front
Average fixed cost when producing 4 units of output?
Back
$1.00
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