Perfectly Competitive Market

Perfectly Competitive Market

University

20 Qs

quiz-placeholder

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Perfectly Competitive Market

Perfectly Competitive Market

Assessment

Quiz

Business

University

Hard

Created by

Muska Mukhtar

Used 9+ times

FREE Resource

20 questions

Show all answers

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

Media Image

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

Media Image

In order to maximize profit, this firm should produce how many?

7

8

9

None

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