Microeconomics Study Set 10
Quiz 13: Perfect Competition
Having Free Entry and Exit in a Market Can Help
Having free entry and exit in a market can help drive: A) innovation. B) cost-cutting. C) quality improvements. D) All of these occur more often with free entry and exit.
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Collusion is: A) more likely when the threat of market entry is missing. B) more likely in perfectly competitive markets. C) less likely when the threat of market entry is missing. D) not affected by firm's ability to enter a market.
In a perfectly competitive market,producers: A) are able to sell as much as they want without affecting the market price. B) can influence the price upward by restricting output. C) often undercut the competition's price and force firms to leave the market. D) None of these is true of perfectly competitive markets.
In a perfectly competitive market,total revenue: A) measures how much revenue the firm takes in from all sales less any costs they incur. B) is equal to price multiplied by quantity sold. C) varies due to changes in price, since quantity is constant. D) should vary across firms.
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