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 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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