Perfect Competition

Perfect Competition

12th Grade

15 Qs

quiz-placeholder

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Perfect Competition

Perfect Competition

Assessment

Quiz

Social Studies

12th Grade

Hard

Created by

John Robinson

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In perfect competition, the marginal revenue of an individual firm 

is zero

is positive but less than the price of the product

equals the price of the product

exceeds the price of the product

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The demand curve in a purely competitive industry is ______, while the demand curve to a single firm in that industry is ______

perfectly inelastic, perfectly elastic

downsloping, perfectly inelastic

downsloping, perfectly elastic

perfectly elastic, downsloping 

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

In the table, the average fixed cost at 4 units of output is 

$1.00

$4.50

$4.70

$4.80

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

A

B

C

D

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

A

B

C

D

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

A

B

C

D

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

A

B

C

D

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