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Perfect Competition Check

Authored by Joanne Beaver

Social Studies

10th Grade

Used 31+ times

Perfect Competition Check
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5 questions

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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?

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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?

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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?

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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.

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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

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