
Perfect Competition
Quiz
•
Other
•
12th Grade
•
Practice Problem
•
Hard
Seamus Gray
Used 1+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main characteristic of demand in perfect competition?
Perfectly inelastic
Partially elastic
Completely inelastic
Perfectly elastic
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the equilibrium price determined in perfect competition?
Government intervention
Monopoly power
Random selection
Market demand and supply curves
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the concept of 'shut down point' in perfect competition.
Maximum point on the average variable cost curve
The point where the firm is producing at full capacity
The point where the firm is making the most profit
Minimum point on the average variable cost curve
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the price and quantity in the long run in perfect competition when firms are making economic profits?
Price decreases and quantity remains the same
Price increases and quantity decreases
Price decreases and quantity increases
Price remains the same and quantity decreases
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the impact of new firms entering the market in perfect competition?
Lower prices for consumers
No impact on prices
Higher prices for consumers
Decreased competition in the market
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Describe the relationship between marginal cost and average total cost in perfect competition.
The marginal cost curve is always below the average total cost curve
The marginal cost curve intersects the average total cost curve at its lowest point.
The marginal cost curve and average total cost curve do not intersect
The marginal cost curve is always above the average total cost curve
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of price in determining the level of output in perfect competition?
Price is determined by the level of output in perfect competition
Price determines the level of output by equating it with the marginal cost in perfect competition.
Price has no impact on the level of output in perfect competition
Price is set by the government in perfect competition
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