perfect competition
Authored by Andrew Kusmits
Social Studies
7th - 12th Grade
Used 59+ times
AI Actions
Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...
Content View
Student View
6 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Perfect competition is
most competitive of the 4 market structures
least competitive of the 4 market structures
a corporation
a nonprofit
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
prices in perfect competition
are perfectly elastic
are perfectly inelastic
are relatively elastic
are relatively inelastic
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
in perfect competition, producers produce a standardized product. Standardized product means
there are no substitutes
there are no complementary products
goods produced are perfect substitutes for each other
products are standard in price and quantity
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
in perfect competition you produce where
mr=atc
mc=profit
where there is the most revenue
mr=mc
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
in perfect competition sellers
control prices
enter and exit the market easily and freely
join with other sellers to influence prices
have incomplete information about market conditions
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
some examples of standardized products include
milk and eggs
shirts and jeans
computers and smart phones
couches and chairs
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports
Continue with Google
Continue with Email
Continue with Classlink
Continue with Clever
or continue with
Microsoft
%20(1).png)
Apple
Others
Already have an account?
