Which of the following is not a characteristic of perfect competition? A. Many buyers and many sellers B. Goods are homogeneous C. Imperfect information about the market D. Suppliers do not set prices

What is the correct answer? In pure competition, if the market price of the product is lower than the minimum average total cost of the firms, then A. some firms will enter the industry and the industry supply will increase B. other firms will exit the industry and the industry supply will decrease C. some firms will exit the industry and the industry supply will increase D. other firms will enter the industry and the industry supply will decrease

Identify an industry that enjoys perfect (or nearly perfect) competition. How do the competitors interact with each other and suppliers and customers?

In a perfectly competitive market Select one: a. each firm takes the good's price as given to it by the market. b. each firm sets its own price so that it is different from its competitors. c. an economic profit is certain. d. consumers are persuaded by advertising.

See the graph below, Label and Describe in terms of : A.Name of Market Structure B.Ability to control prices C.Spending on advertising and marketing D. Pure profit, Normal profit or losses.

In perfect competition, the price of the product is determined where the industry Select one: a. supply curve and industry demand curve intersect. b. elasticity of supply equals the industry elasticity of demand. c. average variable cost equals the industry average total cost. d. fixed cost is zero.

Price 10 Quantity a. This firm will produce units of output at a price of b. The firm will earn a profit or loss (circle one) of c. What is the firm's short-run shut down price? d. What is the long-run market equilibrium price and quantity? e. What is the firm's profit or loss in the long run f. What kind of firm is this?

If firms can easily enter and exit a​ market, then A. firms will earn zero economic profit in the short run. B. firms will produce at minimum average fixed cost in the long run. C. firms will produce where price is greater than marginal cost. D. firms will produce where price is greater than marginal revenue. E. firms will produce at minimum average cost in the long run.

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

A firm that is producing the quantity at which marginal cost exceeds both average total cost and the market price will increase its economic profit by a. producing a smaller quantity b. producing a smaller quantity c. raising the price to equal marginal cost d. producing the quantity that minimises average total cost e. producing a larger quantity