Q1. A perfect competition has all of the following characteristics EXCEPT: A) barriers to entry don't exist. B) a differentiated product. C) a large number of independent firms.
Q2. Which of the following is NOT a condition of a perfectly competitive market? A) Indistinguishable products. B) Firms face elastic demand curves. C) Sellers make economic profits.
Q3. Which of the following characteristics of perfect competition explains why firms in perfect competition are referred to as price takers? A) There are no barriers to entry or exit. B) Each firm is small relative to the total market. C) The demand curve is horizontal for firms in perfect competition.
Q4. Firms in a perfectly competitive industry will increase their output until which of the following conditions is met? A) Marginal revenue equals average total cost. B) Total revenue equals price. C) Marginal cost equals price.
Q5. In a perfectly competitive market, what determines the price of the product? A) Market supply and demand. B) The producers of the product. C) The members of the supply chain.
[此贴子已经被作者于2009-1-6 13:45:37编辑过] | 
发表于 2009-1-6 13:21
| 
