Forms of Market and Price Determination under Perfect Competition
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1. What is a key characteristic of a perfectly competitive market?
Single seller dominance · Homogeneous products · High barriers to entry · Price maker behavior
2. In a perfectly competitive market, firms are considered price:
Takers · Makers · Minimizers · Maximizers
3. Which of the following is NOT a condition for perfect competition?
Large number of buyers and sellers · Perfect knowledge of the market · Product differentiation · Freedom of entry and exit
4. At equilibrium in a perfectly competitive market, what happens to the price if demand increases?
Price decreases · Price remains constant · Price increases · Price fluctuates randomly
5. In the short run, a firm in perfect competition will continue to operate as long as it covers:
Total costs · Variable costs · Fixed costs · Average costs
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