Forms of Market and Price Determination under Perfect Competition
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1. What is a characteristic of a perfectly competitive market?
Single seller · Homogeneous products · Price maker · High barriers to entry
2. In perfect competition, firms are considered to be:
Price takers · Price makers · Monopolists · Oligopolists
3. Which of the following is NOT a condition for perfect competition?
Large number of buyers and sellers · Free entry and exit · Product differentiation · Perfect knowledge
4. In the short run, a firm in perfect competition will continue to operate as long as:
Total revenue equals total cost · Price is greater than average variable cost · Total revenue is less than total cost · Price is less than average total cost
5. The demand curve faced by an individual firm in a perfectly competitive market is:
Downward sloping · Upward sloping · Perfectly elastic · Perfectly inelastic
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