4166879
Pregunta 1
Pregunta
The label on the Y axis of the perfect competition graph of a firm is Revenue and Cost
Respuesta
- True
- False
Pregunta 2
Pregunta
A firm will never increase prices when it's
Respuesta
-
Perfectly inelastic
-
Perfectly elastic
Pregunta 3
Pregunta
The graph of perfect competition of a firm is downward sloping
Respuesta
- True
- False
Pregunta 4
Pregunta
In perfect competition firms sell
Respuesta
-
Similar products
-
Different products
-
Identical products
Pregunta 5
Pregunta
When MR=MC it's at the firms maximum profit
Respuesta
- True
- False
Pregunta 6
Pregunta
Prices of the products the firm sells are established only by the firm
Respuesta
- True
- False
Pregunta 7
Pregunta
Consumers have all the information of the product being sold and it's price charged by each firm
Respuesta
- True
- False
Pregunta 8
Pregunta
The industry is considered to have
Respuesta
-
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
Pregunta 9
Pregunta
Perfect competition= Pure competition
Respuesta
- True
- False
Pregunta 10
Pregunta
The graph of the industry is the same as the graph of the firm
Respuesta
- True
- False
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