Perfect Competition
Authored by muhammad abdulmajeed
Social Studies
10th Grade
Used 73+ times
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40 questions
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1.
MULTIPLE CHOICE QUESTION
5 sec • 1 pt
What is the goal of a firm?
to make profits
to maximize profits
to maximize revenue
none of the above
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Total Revenue (minus) Explicit and Implicit cost =
Accounting Profit
Economic Profit
Economic Cost
Total Profit
3.
MULTIPLE SELECT QUESTION
2 mins • 1 pt
Select all that apply: Rent would be an example of a
Implicit cost
Explicit Cost
Variable cost
Fixed cost
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Fixed Costs are only fixed in the
Long run
Short run
Period where there is neither a profit or a loss
none of the above
5.
MULTIPLE CHOICE QUESTION
5 sec • 1 pt
A firm in the long run will make
Losses
Economic Profit
Profits greater than MC
none of the above
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Marginal =
Next
Additional
Profit
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
To find TC from ATC, you simply
Multiply by the cost
Divide by the quantity
Multiply by the quantity
Divide by the cost
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