In a free market described by free forces of demand and supply, perfect competition seems to prevail. It involves many suppliers, supplying to the same market, the same product and the quiz below tests on the subject.
True
False
True
False
Increased production
Decreased production
Maintained production at the current level
Temporarily shut down
True
False
True
False
True
False
Marginal cost equals total revenue
Marginal revenue equals average revenue
Marginal cost equals marginal revenue
Price equals average variable cost
True
False
True
False
True
False
Equal to the price of the good sold
Average revenue divided by the quantity sold
Total revenue divided by the price
Equal to the quantity of the good sold
There are many buyers and sellers in the market
The goods offered for sale are largely the same
Firms can freely enter or exit the market
Firms generate small but positive economic profits in the long run
All of the above are characteristics of a competitive market
More than doubles
Doubles
Less than doubles
Cannot be determined because the price of the good may rise or fall
True
False
True
False
Increased production
Decreased production
Maintained production at the current level
Temporarily shut down
True
False
Is always more elastic than the short-run market supply curve
Is always less elastic than the short-run market supply curve
Has the same elasticity as the short-run market supply curve
Is always perfectly elastic
Perfectly elastic
Downward sloping
Upward sloping
Perfectly inelastic
True
False
Marginal revenue
Marginal cost
Average revenue
Average total cost
True
False
True
False
Entire marginal-cost curve
Portion of the marginal-cost curve that lies above the average-total-cost curve
Portion of the marginal-cost curve that lies above the average-variable-cost curve
Upward-sloping potion of the average-total-cost curve
Upward-sloping portion of the average-variable-cost curve
Entire marginal-cost curve
Portion of the marginal-cost curve that lies above the average-total-cost curve
Portion of the marginal-cost curve that lies above the average-total-cost curve
Upward-sloping portion of the average-total-cost curve
Upward-sloping portion of the average-variable-cost curve
Total costs of staying open are greater than the total revenue due to staying open
Total costs of staying open are less than the total revenue due to staying open
Variable costs of staying open are greater than the total revenue due to staying open
Variable costs of staying open are less than the total revenue due to staying open
An increase in the price of the good and an increase in the number of firms in the market
An increase in the price of the good but no increase in the number of firms in the market
An increase in the number of firms in the market but no increase in the price of the good
No impact on either the price of the good or the number of firms in the market
Gold bullion
Electricity
Cable television
Soda
All of the above represent competitive markets
Perfectly elastic
Downward sloping
Upward sloping
Perfectly inelastic
The minimum of their average-total-cost curves
The intersection of marginal cost and marginal revenue
Their efficient scale
Zero economic profit
All of the above
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