Which of the following is NOT a characteristic of perfect competition?

• homogenous product

• large number of small firms

• price taker

• supernormal profits in long run

• perfect information

Assuming a firm is making supernormal profits in the short run in perf comp market. What will happen to the firm's price, quantity and profits in long run?

• fall, fall, fall

• rise, fall, rise

• rise, rise, rise

• fall, rise, fall

• rise, rise, fall

Which of the following markets is closest to a perfectly competitive market?

• indian takeaway

• estate agents

• supermarket

• potato

• online betting

Which of the following types of efficiency would not be achieved in a perfectly competitive market in the long run?

• allocative

• productive

• x efficiency

• dynamic

Which of the following is not a characteristic of monopolistic competition?

• differentiated product

• price setter

• downward sloping ar and mr curves

• high barriers to entry and exit

• imperfect information

Assuming short run supernormal profits what will happen to a firms AR and MR curves in the long run under monop comp?

• inward shift and pivot

• outward shift and pivot

• no change

• none of the above

Which of the following is least likely to occur in long run monop comp?

• allocative inefficiency

• productive inefficiency

• productive efficiency

• dynamic efficiency

Which of the following is a characteristic of an oligopoly market structure?

• large number of small firms

• interdependence

• price taker

• homogenous product

• low barriers to entry/exit

In the kinked demand curve, if a firm raises price what will happen to total revenue?

• rise

• no change

• fall

• none of the above

In the kinked demand curve, how would you describe the elasticity with regards a price fall?

• inelastic

• elastic

• unitary

• perfectly elastic