Perfect Competition in the Short Run
Authored by Casey Douglas
Social Studies
11th - 12th Grade
Used 319+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the short run, the firm will realize an economic loss but will continue to produce if the price is:
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assume that a profit-maximizing, perfectly competitive firm has economic losses in the short run. If the firm continues to produce and sell its goods, then which of the following must be true?
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Based on the cost and output data in the table shown, a perfectly competitive firm will shut down if price falls below:
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
For a perfectly competitive firm producing the profit-maximizing quantity, the average total cost is $10 and the average variable cost is $8. If the market price for its product is $10, which of the following is true for the firm?
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A profit-maximizing firm will shut down in the short run any time the firm’s total revenue is less than its:
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Suppose that price in a perfectly competitive industry decreases and it is now below minimum average total cost but remains above minimum average variable cost. Which of the following will occur in the short run?
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the graph pictured, TC is total cost and TR is total revenue. At what quantity is profit maximized?
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