Perfect Competition Quiz

cvillamil
Quiz by cvillamil, updated more than 1 year ago
cvillamil
Created by cvillamil about 6 years ago
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Description

Camila Villamil

Resource summary

Question 1

Question
The label on the Y axis of the perfect competition graph of a firm is Revenue and Cost
Answer
  • True
  • False

Question 2

Question
A firm will never increase prices when it's
Answer
  • Perfectly inelastic
  • Perfectly elastic

Question 3

Question
The graph of perfect competition of a firm is downward sloping
Answer
  • True
  • False

Question 4

Question
In perfect competition firms sell
Answer
  • Similar products
  • Different products
  • Identical products

Question 5

Question
When MR=MC it's at the firms maximum profit
Answer
  • True
  • False

Question 6

Question
Prices of the products the firm sells are established only by the firm
Answer
  • True
  • False

Question 7

Question
Consumers have all the information of the product being sold and it's price charged by each firm
Answer
  • True
  • False

Question 8

Question
The industry is considered to have
Answer
  • Freedom of exit and entry of the product
  • Only two firms that compete with different products
  • Only two firms that compete with similar products
  • Controlled exit and entry of the product

Question 9

Question
Perfect competition= Pure competition
Answer
  • True
  • False

Question 10

Question
The graph of the industry is the same as the graph of the firm
Answer
  • True
  • False
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