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Macroeconomics Study Set 42

Business

Quiz 9 :

Competitive Markets

Quiz 9 :

Competitive Markets

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The term ʺperfect competitionʺ refers to
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Answer:

C

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The demand curve facing a perfectly competitive firm
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B

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A firm is said to have ʺmarket powerʺ only when
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A

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An example of a product that could most closely satisfy the homogeneous product assumption of perfect competition is
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When economists say that a firm is a ʺprice takerʺ they mean that
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Given the usual assumptions about perfect competition, a perfectly competitive firm
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Suppose XYZ Corp. is a profit-maximizing firm that is producing and selling 1 billion disposable wooden chopsticks per month at a price of $0.04 per unit. Further, suppose market demand for this product is 1.5 billion units per month. What can we conclude about market structure in this case?
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A firm in a perfectly competitive market
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Which of the following terms would best describe the price elasticity of demand facing a perfectly competitive firm?
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Which of the following statements is one of the assumptions of the theory of perfect competition?
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The price elasticity of demand faced by an individual wheat farmer would come closest to which following value?
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Which of the following is NOT a determinant of market structure?
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In economics, perfect competition refers to a market structure where
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Which of the following statements does NOT apply to a perfectly competitive market?
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In order to decide the appropriate output to produce, the manager of a perfectly competitive firm needs to know
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Why will a perfectly competitive firm not sell its product below the prevailing market price?
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The conditions for a perfectly competitive market include which one of the following?
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The theory of perfect competition is built on several assumptions, including that
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If a firm in a perfectly competitive market were to raise its price, its
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Which of the following producers operate in a market structure closely approximated by perfect competition?
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