Perfect Competition MMD

Perfect Competition MMD

9th Grade

62 Qs

quiz-placeholder

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Perfect Competition MMD

Perfect Competition MMD

Assessment

Quiz

Social Studies

9th Grade

Hard

Created by

muhammad abdulmajeed

Used 30+ times

FREE Resource

62 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

To maximize profits best describes the goal of a

firm

market

government

none of the above

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Total Revenue less Explicit and Implicit cost equals

Accounting Profit

Economic Profit

Economic Cost

Total Profit

3.

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

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

If a AFC curve is not present but AVC does not equal the ATC then

you are in the short run

you are in the long run

5.

MULTIPLE SELECT QUESTION

5 sec • 1 pt

Check all that apply: Which of the following are characteristics of a perfectly competitive market?

Many buyers/sellers

Identical Products

Price Makers

Low barriers of entry

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The image above shows a firm making

Economic Profit

Economic loss

Breaking even

Shutting down

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

Should the following firm shutdown?

Yes

No

Not enough information present

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