Perfect Competition

Perfect Competition

University

10 Qs

quiz-placeholder

Similar activities

Review unit 6+7 grade 10

Review unit 6+7 grade 10

10th Grade - University

15 Qs

EXAMEN SEGUNDO PARCIAL ADMI NISTRACIÓN

EXAMEN SEGUNDO PARCIAL ADMI NISTRACIÓN

University

15 Qs

Unit 7 Review

Unit 7 Review

University

10 Qs

Line Balancing

Line Balancing

University

10 Qs

Quiz

Quiz

University

10 Qs

Football Mania Champions League History Part 3

Football Mania Champions League History Part 3

University - Professional Development

10 Qs

Procurement in Logistics and Supply Chain

Procurement in Logistics and Supply Chain

University

15 Qs

Logistic for Tourism

Logistic for Tourism

University

10 Qs

Perfect Competition

Perfect Competition

Assessment

Quiz

Other

University

Practice Problem

Medium

Created by

Firdaus Khan

Used 2+ times

FREE Resource

AI

Enhance your content in a minute

Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a perfectly competitive market, firms are considered to be:

Price makers

Price takers

Monopolists

Oligopolists

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False: In perfect competition, the market demand curve is perfectly elastic.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes market equilibrium in perfect competition?

Supply exceeds demand

Demand exceeds supply

Supply equals demand

Prices are set by the government

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the short run, a perfectly competitive firm will shut down if:

Total revenue is greater than total cost

Price is less than average variable cost

Price is greater than average total cost

Marginal cost is greater than marginal revenue

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a profit maximization strategy for a firm in perfect competition?

Setting a higher price than competitors

Producing where marginal cost equals marginal revenue

Reducing production to increase scarcity

Advertising to increase demand

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False: In the long run, firms in perfect competition can influence the market price.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a characteristic of perfect competition?

Free entry and exit

Differentiated products

Large number of buyers and sellers

Perfect information

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?