12th Grade Perfect Competition Quizzes, Questions & Answers

12th Grade

Top Trending Perfect Competition Quizzes

Market Structure Economics Questions! Trivia Quiz

Economics is a tough topic to learn about when you’re starting off, but when you begin to appreciate how we analyze the production, distribution, and consumption of goods and services, whether it’s on a wide or narrow...

Questions: 100 | Attempts: 586 | Last updated: Mar 20, 2025

Sample Question 1
Perfect competition is defined as market structure in which:

A: there are many small sellers.

B: the product is homogenous.

C: it is very easy for firms to enter or exit the market.

D: all of these.

Sample Question 2
Perfect competition is a market structure in which there is:

A: a contest among firms to provide good service after the sale.

B: competition in product quality.

C: rivalry in product design.

D: none of these.

Sample Question 3
Which of the following is true of a perfectly competitive firm?

A: The firm is a price maker.

B: If the firm wishes to maximize profits it will produce an output level in which total revenue equals total cost.

C: The firm will not earn an economics profit in the long run.

D: The firm's short-run supply curve is its MC curve below its AVE curve.

Recent Perfect Competition Quizzes

Forms of Market and Price Determination Quiz

Are you aware of the market and price? Take this quiz on the forms of market and price determination. If you understand this concept well, this quiz will be perfect for your practice. You simply need to pick the correct answers...

Questions: 10 | Attempts: 207 | Last updated: Aug 16, 2025

Sample Question
Which of the following is one of the essential conditions of "perfect competition"?

Multiplicity of prices for the same products at one time

Many sellers and a few buyers

Product differentiation

Same price for the same things at one time

Degrees Of Competition Quiz

Degrees of Competition Quiz

Where there is a business involved, there is competition. This quiz is totally based on economics and the degree of competition that one has to face. The Demand, supply, quality, quantity, many factors like these affect the...

Questions: 10 | Attempts: 366 | Last updated: Mar 21, 2025

Sample Question
Which is the most important in market competitiveness?

Quantity

Quality

Price

Promotion

The Ultimate Quiz On Microeconomics

The Ultimate Quiz on Microeconomics

Explore key concepts of microeconomics with this Ultimate Quiz. Assess your understanding of market structures, revenue relationships, and profit maximization strategies. Ideal for learners aiming to deepen their economic...

Questions: 31 | Attempts: 408 | Last updated: Mar 20, 2025

Sample Question
The only requirement for a market to be perfectly competitive is for the market to have many buyers and sellers.

True

False

Profit-maximizing Output Chapter 10

profit-maximizing output Chapter 10

Explore key concepts of pure competition with this focused quiz. Covering characteristics, revenue calculations, and price strategies, it enhances understanding of competitive markets, essential for students of economics.

Questions: 27 | Attempts: 753 | Last updated: Mar 22, 2025

Sample Question
Which of the following is not a characteristic of pure competition?

Price strategies by firms.

A standardized product.

No barriers to entry.

A larger number of sellers.

The Ultimate Microeconomics Proficiency Test!

Human beings' wants are unlimited, and the resources required to meet them are most often scarce. Understanding how to allocate the limited resources to meet the unlimited desires of a firm or an individual forms the basis of...

Questions: 31 | Attempts: 2894 | Last updated: Mar 21, 2025

Sample Question
The only requirement for a market to be perfectly competitive is for the market to have many buyers and sellers

True

False

Basic Economics Quiz For Beginners!

Basic Economics Quiz for Beginners!

Are you a beginner when it comes to economics? Have you just covered chapters one to five in ECO 401 class? If your answer was a yes, then the quiz below is designed to test out just how much information you have when it comes to...

Questions: 8 | Attempts: 1861 | Last updated: Apr 3, 2025

Sample Question
Which is not correct for product Market

Goods purchased by the household sector

Goods purchased by government and foreign sectors

Exchange of raw materials

Exchange consumer goods