Perfect Competition
Authored by Dr. Poonam Jakhar
Arts
12th Grade
Used 1+ times
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11 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the number of firms in perfect competition?
Unlimited
10
Limited
Infinite
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In perfect competition, are products homogeneous or differentiated?
Homogeneous
Unique
Similar
Differentiated
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Is there easy entry and exit of firms in perfect competition?
No
Sometimes
Rarely
Yes
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of information do firms have in perfect competition?
Incomplete information
Imperfect information
Perfect information
Limited information
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Do firms in perfect competition have pricing power?
Sometimes
Rarely
Yes
No
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the level of competition in perfect competition?
Moderate
Highest
Non-existent
Lowest
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Are there barriers to entry in perfect competition?
Yes, there are moderate barriers to entry in perfect competition.
No, there are no barriers to entry in perfect competition.
Yes, there are significant barriers to entry in perfect competition.
No, there are minimal barriers to entry in perfect competition.
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