Perfect Competition
Authored by Brian Timpson
Social Studies
10th - 12th Grade
Used 7+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 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
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
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Marginal =
Next
Additional
Profit
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
MR =
MC
NC
WC
KFC
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
If Q is increasing but so is ATC then it must be
Economies of Scale
Constant returns to scale
Diseconomies to scale
bad
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
If ATC is going down and Quantity is increase then
Economies of Scale
Diseconomies of Scale
Constant returns to scale
none
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is the profit maximizing condition?
MR = D
MR = MC
MC = D
D = Profits
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