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Quiz on Perfect Competition

Authored by Nur Najwa

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University

Quiz on Perfect Competition
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21 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a characteristic of perfect competition?

Few buyers and sellers

Homogeneous products

High barriers to entry

Imperfect information

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In perfect competition, firms are considered to be:

Price makers

Monopolists

Price takers

Market leaders

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does total revenue equal in a competitive firm?

Price + Quantity

Price x Quantity

Quantity / Price

Price - Quantity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the profit-maximizing condition for a firm?

TR = TC

MC = ATC

MR = MC

P = AVC

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens if marginal revenue is greater than marginal cost?

Exit the market

Decrease production

Increase production

Shut down operations

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the marginal-cost curve represent?

The market price

The firm's supply curve

The firm's demand curve

The average total cost

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the short run, a firm should shut down if:

P > AVC

P = MR

P < AVC

P = ATC

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