Perfect Competition Review

Perfect Competition Review

12th Grade

20 Qs

quiz-placeholder

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Perfect Competition Review

Perfect Competition Review

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Peter Van

Used 4+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Price takers are individuals in a market who:
select a price from a wide range of alternatives.
select the lowest price available in a competitive market.
select the average of prices available in a competitive market.
have no ability to affect the price of a good in a market.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The market for breakfast cereal contains hundreds of similar products, such as Froot Loops, corn flakes, and Rice Krispies, that are considered to be different products by different buyers. This situation violates the perfect competition assumption of:
many buyers and sellers.
a standardized product.
complete information.
ease of entry and exit.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The demand curve for a perfectly competitive firm is:
perfectly inelastic.
perfectly elastic.
downward sloping.
relatively but not perfectly elastic.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the short run, a perfectly competitive firm produces output and breaks even if:
the firm produces the quantity at which P < ATC.
the firm produces the quantity at which P = ATC.
the firm produces the quantity at which P > ATC.
the firm produces the quantity at which P = (TR/Q + TC/Q) × Q.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Zoe's Bakery determines that P < ATC and P > AVC. Zoe should:
continue to operate even though she is taking an economic loss.
continue to operate, as she is making an economic profit.
shut down immediately, as she is taking an economic loss.
raise the price until she has maximized her profits.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
Shut Down
Stay open and take a loss
Making a normal profit
Making a positive profit

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
Shut Down
Take loss but stay open
Normal Profit
Positive Economic Profit

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