SSF1104 Fun Quiz 1

A perfectly competitive market has many buyers and sellers.

• True

• False

Sellers in a perfectly competitive market offered a variety of products.

• True

• False

The MC curve in the Short-Run Supply Curve lies above _____

• Average Total Cost 

• Average Variable Cost

The MC curve in the Long-Run Supply Curve lies above

• Average Total Cost

• Average Variable Cost

A shutdown refers to a short-run decision not to produce anything during a specific period of time.

• True

• False