Perfect Competition

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University

10 Qs

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Perfect Competition

Perfect Competition

Assessment

Quiz

Social Studies, Other

University

Practice Problem

Medium

Created by

Bekah Selby

Used 111+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

MC crosses the ATC and AVC

where you draw it

at its lowest point

where MR=MC

None of the above

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following markets is closest to perfectly competitive?

airlines

wheat

cell phones

textbooks

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT an assumption of perfect competition

perfect information

free entry and exit

different goods

lots of buyers/sellers

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The market for milk is an example of perfect competition. Why?

Sellers offer a nearly identical product
Anyone can start a dairy farm or leave the dairy business at any time
Many people buy and sell milk
All of the above

5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The market price is $10. Marginal revenue for the 10th unit would be

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the profit maximizing condition?

MR = D

MR = MC

MC = D

D = Profits

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suppose a firm in a perfectly competitive market faces a price which is lower than their average cost (ATC) but higher than their average variable costs (AVC). In the short run, this firm should

shut down

exit the industry

raise the price

produce where MC=MR

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