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WorksheetsPerfect competition
Total questions: 7
Worksheet time: 6mins
Name
Class
Date
1.
What is not a characteristic of this market structure?
a)
There are free barriers of entry and exit
b)
There is perfect mobility of resources
c)
There is imperfect information
d)
Goods are homogeneous
2.
In perfect competition, the marginal revenue curve is equal to the (a) curve
3.
A perfectly competitive firm is not productively efficient in the short run
a)
True
b)
False
4.
In the long run, a firm in a perfectly competitive market usually:
a)
Makes economic profits
b)
Makes abnormal profits
c)
Makes zero economic profits
d)
Gets rich
5.
Draw a diagram for a perfectly competitive firm in the LONG RUN
6.
Firms in perfect competitive markets are not price takers
a)
True
b)
False
7.
At what output would this firm be productively efficient?
a)
Q
b)
Q1
c)
Q2
d)
0
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