
MMU - GEE6113
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Tan Chi Hau
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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A perfectly competitive firm __________.
chooses its price to maximize profits
sets its price to undercut other firms selling similar products
takes its price as given by market conditions
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a perfectly competitive market, firms are considered price takers because __________.
they have significant market power
they can set their own prices
the products they sell are identical
they can influence demand for their products
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a characteristic of a perfectly competitive market?
Barriers to entry are high
Firms sell differentiated products
There are many buyers and sellers
Firms can earn long-term economic profits
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the short run, a perfectly competitive firm will produce at a level where __________.
marginal cost equals average total cost
total revenue exceeds total cost
marginal revenue equals marginal cost
average variable cost is minimized
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A competitive firm's short-run supply curve is its ______ curve.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Shut down in competitive market means ______.
the firm can continue operating the business
a short run decision not to produce anything during a specific period of time because the firm cannot cover its variable cost. However, the firm still need to pay its total fixed cost.
the firm’s long run decision to leave the market
the firm’s short run decision to leave the market
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a perfectly competitive market, the long-run equilibrium occurs when __________.
firms are making economic profits
the market price equals the minimum average total cost
there are no firms entering or exiting the market
all firms are producing at their maximum capacity
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