Perfect Competition

Descrição

Perfect competition quiz
2016: Nicolas Cr
Quiz por 2016: Nicolas Cr, atualizado more than 1 year ago
2016: Nicolas Cr
Criado por 2016: Nicolas Cr mais de 8 anos atrás
10
0

Resumo de Recurso

Questão 1

Questão
Why doesn´t an individual have the power to affect the price of a product in a perfectly competitive market?
Responda
  • Because no individual has a part big enough of the market to affect it
  • Because an enterprise is the owner of the market
  • Because there is no competition
  • Because the market is unfair

Questão 2

Questão
In a perfect competition market, who determines the prices?
Responda
  • The owners of firms
  • Consumers, by market supply and market demand
  • The product being produced
  • The availability of the product in the market

Questão 3

Questão
Why can´t a firm set its prices below market price?
Responda
  • Because they would not have costumers, as they prefer other brands and would remain loyal to this other brands
  • The firm wouldn´t be able to acomodate all of the new costumers they would have, making demand to increase, costs to sky rocket and the firm having to raise prices to remove certain costumers
  • The market would see a decrease in the demand of the product, as it would become less exclusive so a shift in consumption towards homogenous products would be seen
  • As consumers are very inelastic, they would wan´t to see even a higher drop in the price, thus for waiting until that happens to consume

Questão 4

Questão
What can a firm in a perfectly competitive market choose?
Responda
  • Price of the good
  • Demand for the good
  • Supply of the good
  • Output produced

Questão 5

Questão
What is revenue
Responda
  • Demand divided units sold
  • Units sold minus supply
  • Price charged times units sold
  • Income times supply

Questão 6

Questão
Why is revenue usually higher in the short run?
Responda
  • Because the firm is more motivated to work
  • Because the firm is highly recursive
  • Because there is less competition
  • Because the owner pays more attention

Questão 7

Questão
When does the entry to a market stop?
Responda
  • When supply is low and demand is high
  • When demand is high and supply is low
  • Until a new market appears
  • Until price is average to total cost

Questão 8

Questão
Are the following characteristics of perfect competition? There are a large number of sellers, price can be changed by individual firms, and consumers have perfect knowledge
Responda
  • True
  • False

Questão 9

Questão
Perfect competition markets mean no profit
Responda
  • True
  • False

Questão 10

Questão
P=D
Responda
  • True
  • False

Semelhante

AP Mayo 2017
Belén Vera Santana
AP MAYO 2018 (2)
Alba M.
AP MAYO 2016
Belén Vera Santana
EXAMEN AP 2015
Alba M.
Aprendizaje significativo
Sofía G. Pecorelli
ALIANZA DEL PACÍFICO (AP)
francialorenagamboa
Aprendizaje Invisible
Vanina Ortiz
Gestión del alcance de un proyecto
Jose Blanco
Padres de la Constitución
pablo postigo lopez
Nicolas Di Terlizzi
2016: Nicolas Di