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MMU - GEE6113

Authored by Tan Chi Hau

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University

Used 4+ times

MMU - GEE6113
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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

can influence market prices.

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.

average cost
fixed cost
total cost
marginal cost

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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