What is a key characteristic of perfect competition that allows firms to enter the market easily?
PERFECT COMPETITION ECON AP THRIFT SHOP PARODY

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Business
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11th Grade - University
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Hard
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Monopoly power
Easy market entry
High barriers to entry
Unique product offerings
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a perfectly competitive market, what happens when a firm tries to raise its prices?
It experiences short-term losses
It increases its market share
It becomes a monopoly
It gains more customers
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the long-term outcome for firms in a perfectly competitive market?
They become monopolies
They achieve normal profits
They incur constant losses
They make supernormal profits
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Under what condition might a firm in perfect competition decide to shut down?
When total revenue exceeds total cost
When marginal cost is greater than marginal revenue
When demand is below average variable cost
When demand is above average variable cost
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to resources in a perfectly competitive market when there is a price change?
Resources become more expensive
Resources become cheaper
Resources remain constant
Resources are unaffected
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