Perfect Competition
Authored by Alejandro Garcia
Social Studies
12th Grade
Used 5+ times
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5 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Which of the following is an example of a perfectly competitive firm?
Farmer's market stand
Fast food restaurant
Cell phone service provider
Local internet service provider
2.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Which of the following is a perfectly competitive good?
Cell phones
Potatoes
Sodas
Clothing
3.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Which of the following is NOT a characteristic of perfectly competitive markets?
Many buyers and sellers
Homogeneous goods
Free entry and exit
Firms set their own prices
4.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
What is the elasticity of the demand for a perfectly competitive firm?
Negative One
Zero
One
Infinite
5.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Where do perfectly competitive firms produce?
MR = P
ATC = AR
MC = MR
MR = D
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