Perfect Competition Check

Perfect Competition Check

10th Grade

5 Qs

quiz-placeholder

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Perfect Competition Check

Perfect Competition Check

Assessment

Quiz

Social Studies

10th Grade

Practice Problem

Easy

Created by

Joanne Beaver

Used 31+ times

FREE Resource

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5 questions

Show all answers

1.

OPEN ENDED QUESTION

3 mins • 1 pt

Assume that in a perfectly competitive market, a firm's costs and revenues are: • marginal cost = average variable cost at $20 • marginal cost = average total cost at $30 • marginal cost = average revenue at $25 How will this firm determine the profit-maximizing level of output?

Evaluate responses using AI:

OFF

2.

OPEN ENDED QUESTION

3 mins • 1 pt

Assume that in a perfectly competitive market, a firm's costs and revenues are: - marginal cost = average variable cost at $20 - marginal cost = average total cost at $30 - marginal cost = average revenue at $25 What price will this firm charge?

Evaluate responses using AI:

OFF

3.

OPEN ENDED QUESTION

3 mins • 1 pt

Assume that in a perfectly competitive market, a firm's costs and revenues are: - marginal cost = average variable cost at $20 - marginal cost = average total cost at $30 - marginal cost = average revenue at $25 Therefore, should this firm produce in the short run?

Evaluate responses using AI:

OFF

4.

OPEN ENDED QUESTION

3 mins • 1 pt

Assume that in a perfectly competitive market, a firm's costs and revenues are as follows:
- marginal cost = average variable cost at $20
- marginal cost = average total cost at $30
- marginal cost = average revenue at $25

Will this firm earn a profit or incur a loss? Choose the correct answer.

Evaluate responses using AI:

OFF

5.

OPEN ENDED QUESTION

3 mins • 1 pt

Assume that in a perfectly competitive market, a firm's costs and revenues are: - marginal cost = average variable cost at $20 - marginal cost = average total cost at $30 - marginal cost = average revenue at $25. The firm will determine the profit-maximizing level of output by:

Evaluate responses using AI:

OFF