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WorksheetsCHAPTER 10: THỊ TRƯỜNG CẠNH TRANH HOÀN HẢO
Total questions: 17
Worksheet time: 9mins
In the short run, the supply curve of perfectly competitive firms is?
The short-run marginal cost curve of the firm
The portion of the marginal cost curve that lies above the ATC curve
The portion of the marginal cost curve that lies above the AVC curve
The portion of the marginal cost curve that lies below the AVC curve
In the long run, the supply curve of a firm in a perfectly competitive market is?
Marginal cost curve MC
Average total cost curve ATC
The part of the marginal cost curve that lies above the ATC curve
The part of the marginal cost curve that lies above the AVC curve
When P < AVC, the enterprise should?
Produce at the output level where MR = MC
Produce at the output level with AVC min
Continue production at P = MC
Stop production
At the output level where MC = MR, the enterprise:
Has achieved maximum profit
Has minimized losses
Should better close down
All three cases can occur
What is marginal revenue (MR)?
Additional revenue in total revenue when the product price changes
Additional revenue in total revenue when selling one more product
It is the slope of the isocost line
It is the slope of the indifference curve
In the long term, when does a business break even?
P = AVCmin
AVC < P < ATC
P = ATC min
P > ATC
In the short term, when should a business decide to close production?
P < AVC
AVC < P < ATC
P < ATC
P > AVC
In the long run, when does a business decide to enter the market?
P > AVC
P < AVC
P = ATC
P > ATC
In the long run, when does a business decide to exit the market?
P > ATC
P > AVC
P < AVC
P < ATC
In the short term, to decide whether a business should close production or not, we should compare which two values below?
P and MC
P and MR
P and ATC
P and AVC
In the long term, to decide whether a business should enter or exit the market, we should compare which two values below?
P and MC
P and ATC
P and AVC
P and MR
In a perfectly competitive market, who decides the price?
Buyers
Sellers
The strongest company
No one decides the price
Which of the following is not a characteristic of a perfectly competitive market?
Buyers have complete information about the market
Products are both homogeneous and differentiated
There are no barriers to entry or exit from the market
There are many buyers and sellers in the market
For a perfectly competitive firm, what is the characteristic of marginal revenue?
Less than the selling price and average revenue
Equal to the selling price but greater than average revenue
Equal to the selling price and equal to average revenue
Equal to average revenue but less than the selling price
For a perfectly competitive business, which of the following issues can the business not decide on?
Number of production factors used
How many products to produce
What price to sell the products at
No correct answer
In a perfectly competitive enterprise that is producing at a quantity where MR = MC, but at that point:
Total variable costs < Total revenue < Total costs. What should the enterprise do at this time?
Continue production in the short term
Stop production immediately due to losses
Increase selling price until break-even
There is no correct answer
What does the horizontal demand curve of a perfectly competitive firm mean?
The firm can sell a large quantity of its product at a constant price.
The firm can sell all of its output at the market price.
The firm can increase its sales volume by lowering the selling price.
All of the above are correct.
