Which of the following is a characteristic of a perfectly competitive market? Multiple Choice All firms produce and sell a standardized or undifferentiated product. It is difficult for new firms to enter the market due to barriers to entry. The firms are price-setters. The output sold by a particular firm may be quite different from the output sold by the other firms in the market.

Which of the following is not a characteristic of a perfectly competitive market? a) Many buyers and sellers b) Homogeneous products c) Barriers to entry d) Perfect information

In perfect competition, a large number of buyers and sellers exist a small number of sellers exist buyers and sellers deal in a variety of products buyers and sellers have little knowledge of the items for sale

Which statement best explains how a perfect competition market structure determines the price of a product? A government controls the market and sets the price of a product. Consumers in the market agree to only pay a certain price for a product. The interaction of consumers and businesses determines the price. A small number of large businesses secretly agree to fix the price.

A product wheat is produced under perfect competitive market structure. The market demand and supply are given by equations below QD = 170, 000, 000 – 10, 000, 000 P QS = 70, 000, 000 + 15, 000, 000 P Find the equilibrium price and quantity. Suppose one firm leaves the market with the supply equation   QS = 1000 + 1000P. Then find new equilibrium price and quantity and interpret your results?

In the model of perfectly competitive markets, the market outcome is allocatively efficient because economic profits are maximized the sum of consumer and producer surplus is maximized average total cost is minimized for each firm all firms break even in the long run all firms are price takers

Which of the following is true about a perfectly competitive firm in the long run and in the short run? The supply curve in the short run is usually steeper than the supply curve in the long run. The demand curve in the short run is usually steeper than the marginal cost curve in the long run.   The supply curve in the short run is usually steeper than the average total cost curve in the long run.   The supply curve in the short run is usually flatter than the supply curve in the long run.

Which of the following characteristic(s) of competitive markets is(are) necessary for a perfectly competitive firm to be a price-taker? i) There are many sellers and buyers. ii) Firms produce identical products. iii) Sellers and buyers are well informed. iv) There is no restriction on entry or exit. Group of answer choices (i) and (ii) only (i), (ii) and (iii) only (iii) only (iv) only

In the long-run equilibrium of a perfectly competitive market with identical firms, which of the following will be true? There will be no incentive for firms to enter or exit the market. Every firm will produce the quantity of output at which its average total costs are minimized. Every firm will earn 0 economic profit. All of the other choices will be true. Every firm's marginal cost will equal its marginal revenue.

Which of the following is NOT a charactersitic of the model of perfectly competitive market? a) Many sellers produce an identical product. b) Firms can increase their prices by reducing their product. c) Firms have freedome of entry into the market. d) No signs firm can influence the market price.