Set Details Share Show created 5 years ago by melkojt microecon show moreless 1 Which of the following is not characteristic of perfect competition?
2 Perfectly competitive firms respond to changing market conditions by varying their
3 Which of the following is likely to be present in a perfectly competitive market?
4 Firms in perfect competition have no control over
5 Perfectly competitive firms are price takers because
6 The price charged by a perfectly competitive firm is determined by
7 The demand curve for the output of a perfectly competitive firm is
8 Suppose the equilibrium price in a perfectly competitive industry is $100 and a firm in the industry charges
9 Commodity products are
10 Marginal revenue is defined as
11 A perfectly competitive firm's profit per unit of output equals
12 If the price-taking firm in Exhibit 8-8 is currently producing 6 units, then to maximize profit in the short run, it should
13 At the profit-maximizing output level, the firm represented in Exhibit 8-9 experiences
14 At the profit-maximizing output level, the firm represented in Exhibit 8-10 experiences
15 In the short run, if a firm shuts down, its loss is equal to
16 In the short run, a perfectly competitive ball bearing manufacturer will continue to produce at a loss if
17 Claude's Copper Clappers sells clappers for $40 each in a perfectly competitive market. At its present rate of output, Claude's marginal cost is $39, average variable cost is $45, and average total cost is $60. To improve his profit/loss situation, Claude should
18 If price is less than its minimum average variable cost, a perfectly competitive firm that continues to produce in the short run
19 In the short run, a firm will produce a positive amount of output as long as
20 Many country inns shut down in the off-season because
21 A perfectly competitive firm will produce at an economic loss (negative profit) in the short run rather than discontinue production if there is a rate of output at which price
22 The price that represents the shutdown point for a perfectly competitive firm is the
23 The perfectly competitive firm's short-run supply curve is the same as the
24 A perfectly competitive firm in the short run determines its quantity supplied at various prices by using
25 Which of the characteristics of perfect competition assures that economic profit will be zero in the long run?
26 Long-run equilibrium for a perfectly competitive firm occurs when
27 Firms in perfect competition will leave the industry if they
28 The motivating force behind an increase in supply in a long-run adjustment to equilibrium is
29 If a perfectly competitive firm is operating in long-run equilibrium and market demand suddenly falls, the short-run result will be
30 Firms achieve productive efficiency in the long run by
31 Productive efficiency occurs in markets when
32 To achieve allocative efficiency, firms
33 Allocative efficiency occurs in markets when
34 Allocative efficiency means that
35 When market exchange occurs voluntarily in a competitive market
36 We say that equilibrium in a perfectly competitive market is allocatively efficient because
Which of the following are most likely to be perfectly competitive?For all practical purposes, the market price is the firm's demand curve. 1. Which of the following are most likely to be perfectly competitive? Answer: A perfectly competitive market is approximated most closely by a highly organized market.
Which of the following is true in a perfectly competitive market?Which of the following is true in a perfectly competitive market? One unit of a good or service cannot be differentiated from any other on any basis. Perfect competition is best considered a: theoretical extreme that does not exist in the real world but that can provide useful insights.
Which of the following are perfectly competitive markets quizlet?Perfectly competitive market A market that meets the conditions of (1) many buyers and sellers, (2) all firms selling identical products, and (3) no barriers to new firms entering the market. Price taker A buyer or seller that is unable to affect the market price.
Which of the following is a good example of a perfectly competitive market?Farmers' markets: The average farmers' market is perhaps the closest real-life example to perfect competition. Small producers sell nearly identical products for very similar prices.
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