
Perfect Competition MMD
Authored by muhammad abdulmajeed
Social Studies
9th Grade
Used 30+ times

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62 questions
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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
The image above shows a firm making
Economic Profit
Economic loss
Breaking even
Shutting down
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Should the following firm shutdown?
Yes
No
Not enough information present
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