
Perfectly Competitive Market
Quiz
•
Business
•
University
•
Hard
Muska Mukhtar
Used 9+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
In a perfectly competitive market, there are:
Few sellers
Many buyers
Barriers to entry
Homogeneous products
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which of the following is a key assumption of a perfectly competitive market?
It is difficult for new sellers to enter the market.
Commodities have few sellers.
Each seller has a very small share of the market.
Firms can influence market price
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A firm maximizes profit by operating at the level of output where
marginal revenue exceeds marginal cost by the greatest amount
average revenue equals average cost.
marginal revenue equals marginal cost.
average revenue equals average cost
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The demand curve facing a perfectly competitive firm is
perfectly vertical
perfectly horizontal.
the same as the market demand curve
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The perfectly competitive firm's marginal revenue curve is
horizontal.
vertical.
upward sloping.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to this graph, if this firm sells 1 more item what is the marginal revenue?
Indeterminent
10/Q
$10
MR=MC
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In order to maximize profit, this firm should produce how many?
7
8
9
None
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