BEP & Shutdown Point Perfect Competition

BEP & Shutdown Point Perfect Competition

9th - 12th Grade

26 Qs

quiz-placeholder

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BEP & Shutdown Point Perfect Competition

BEP & Shutdown Point Perfect Competition

Assessment

Quiz

Social Studies

9th - 12th Grade

Practice Problem

Hard

Created by

Ira Rachmiati

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26 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a perfectly competitive market, a firm will continue producing in the short run if:

Price > ATC

Price > AVC

Price < ATC

MR = 0

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens when marginal cost (MC) is below marginal revenue (MR)?

The firm is maximizing profit

The firm should reduce output

The firm is operating efficiently

The firm should increase output

The firm should shut down

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A firm produces at a point where MR = MC, but ATC > P. What is the firm's condition?

Normal profit

Loss minimizing

Shutdown

Break-even

Supernormal profit

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which condition leads a firm to keep operating despite making losses?

TR > AVC

P < ATC

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In short-run perfect competition, firms adjust output based on:

MR and ATC

MC and AVC

MR and MC

TR and TC

Demand and supply

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The break-even point is achieved when:

TR = TVC

TR = TC

TR > TC

TR < MC

TR > TVC

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The shutdown point occurs when:

TR = TC

TR = TVC

P = ATC

MC = MR

P > AVC

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