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Camila Villamil

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Perfect Competition Quiz

Question 1 of 10

1

The label on the Y axis of the perfect competition graph of a firm is Revenue and Cost

Select one of the following:

  • True
  • False

Explanation

Question 2 of 10

1

A firm will never increase prices when it's

Select one of the following:

  • Perfectly inelastic

  • Perfectly elastic

Explanation

Question 3 of 10

1

The graph of perfect competition of a firm is downward sloping

Select one of the following:

  • True
  • False

Explanation

Question 4 of 10

1

In perfect competition firms sell

Select one or more of the following:

  • Similar products

  • Different products

  • Identical products

Explanation

Question 5 of 10

1

When MR=MC it's at the firms maximum profit

Select one of the following:

  • True
  • False

Explanation

Question 6 of 10

1

Prices of the products the firm sells are established only by the firm

Select one of the following:

  • True
  • False

Explanation

Question 7 of 10

1

Consumers have all the information of the product being sold and it's price charged by each firm

Select one of the following:

  • True
  • False

Explanation

Question 8 of 10

1

The industry is considered to have

Select one of the following:

  • 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

Explanation

Question 9 of 10

1

Perfect competition= Pure competition

Select one of the following:

  • True
  • False

Explanation

Question 10 of 10

1

The graph of the industry is the same as the graph of the firm

Select one of the following:

  • True
  • False

Explanation

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