Perfect Competition Quiz

Perfect Competition Quiz

12th Grade

15 Qs

quiz-placeholder

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Perfect Competition Quiz

Perfect Competition Quiz

Assessment

Passage

Other

12th Grade

Practice Problem

Medium

Created by

MARISSA DECKER

Used 2+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What defines perfect competition from an economics point of view?

Many buyers and sellers

Selling identical products or services

Perfect information for every participant in the market

No barriers to entry or exit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does perfect information mean in the context of perfect competition?

Every participant in the market knows exactly what is happening in the market

Only the sellers have complete information about the market

The buyers have no information about the market

The sellers have no information about the market

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the characteristic of the marginal cost curve for a firm in perfect competition?

It is downward-sloping

It is upward-sloping

It is a horizontal line

It is a vertical line

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In perfect competition, what does the marginal revenue curve for a firm look like?

It is a vertical line

It is a horizontal line

It is downward-sloping

It is upward-sloping

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the demand curve for the firm's product in perfect competition?

It is equal to the price that the firm actually gets

It is equal to the marginal cost curve

It is equal to the marginal revenue curve

It is equal to the average total cost curve

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the equilibrium price and quantity for the market in perfect competition?

Equilibrium price and quantity are determined by the government

Equilibrium price is determined by the sellers

Equilibrium quantity is determined by the buyers

Equilibrium price and quantity are determined by the market forces

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main characteristic of firms in perfect competition?

They are price setters

They have control over the market price

They are price takers

They have no competition

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