
Intro to Long-run Perf Comp
Authored by Bekah Selby
Social Studies
University
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6 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An increase in demand has caused perfectly competitive firms to make profit in the long-run. What will happen?
New firms enter and prices will decrease until all firms break even
New firms enter and prices will increase until all firms break even
Some firms will exit and prices will increase until all firms break even
Some firms will exit and prices will decrease until all firms break even
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the long-run, perfectly competitive firms cannot incur losses.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Industries where increasing production volume does not affect costs per unit is called
Increasing Cost Industry
Constant Cost Industry
Flat Cost Industry
Horizontal Cost Industry
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the long-run, price per restaurant meal to expected to increase as incomes go up. What will happen?
New firms enter
Some firms exit
Nothing changes
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If I own a perfectly competitive business and I double my production, I can expect my cost per unit to decrease. This is called:
Economies of scale
Diseconomies of scale
Constant returns to scale
Improvements in scale
6.
DRAW QUESTION
3 mins • 1 pt
Draw an example of a long-run average cost curve that has economies of scale.
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