
Week 11 BusEc Perf. Comp.
Authored by Andrew Grinko
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Choose the correct statement. A competitive market is where: (i) there are many buyers and sellers in a market (ii) a single firm does not have a significant impact on the market price (iii) the goods offered for sale are largely the same
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refer to Table 14-1. If the farmer chooses to maximise profit, the appropriate output level is where marginal cost is equal to:
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
For a firm in a perfectly competitive market, the price of the good is always equal to:
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Total Revenue for a firm is calculated as:
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a competitive market, the price line also represents a firm’s:
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A rice farmer sells rice to an Australian grain broker. Suppose that the market for rice is competitive. This means that the farmer will maximise profit by choosing:
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is not a characteristic of a perfectly competitive market?
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