4166879
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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