# Economics Study Set 4

## Quiz 12 :Firms in Perfectly Competitive Markets

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Assume the market for organic produce sold at farmers' markets is perfectly competitive.All else equal,as more farmers choose to produce and sell organic produce at farmers' markets,what is likely to happen to the equilibrium price of the produce and profits of the organic farmers in the long run?
Free
Multiple Choice

C

Assume the market for organically-grown produce is perfectly competitive.All else equal,as farmers find it less profitable to produce and sell organic produce in this market,
Free
Multiple Choice

B

Which of the following is not a characteristic of a perfectly competitive market structure?
Free
Multiple Choice

D

Which of the following is not a characteristic of a monopolistically competitive market structure?
Multiple Choice
Which of the following is a characteristic of an oligopolistic market structure?
Multiple Choice
Which of the following is a characteristic of a monopoly?
Multiple Choice
Perfect competition is characterized by all of the following except
Multiple Choice
A very large number of small sellers who sell identical products imply
Multiple Choice
Which of the following is the best example of a perfectly competitive industry?
Multiple Choice
The price of a seller's product in perfect competition is determined by
Multiple Choice
Both individual buyers and sellers in perfect competition
Multiple Choice
Both buyers and sellers are price takers in a perfectly competitive market because
Multiple Choice
Suppose the equilibrium price in a perfectly competitive industry is $15 and a firm in the industry charges$21.Which of the following will happen?
Multiple Choice
The demand curve for each seller's product in perfect competition is horizontal at the market price because
Multiple Choice
An individual seller in perfect competition will not sell at a price lower than the market price because
Multiple Choice
Jason,a high-school student,mows lawns for families in his neighborhood.The going rate is $12 for each lawn-mowing service.Jason would like to charge$20 because he believes he has more experience mowing lawns than the many other teenagers who also offer the same service.If the market for lawn mowing services is perfectly competitive,what would happen if Jason raised his price?
Multiple Choice