All of the following are characteristics of perfect competition except

1. All of the following are characteristics of perfectly
competitive markets, except: 1. All of the following are characteristics of perfectly
competitive markets, except: A: No barriers to entry or exit (fully
mobile) A: B: Large number of buyers & sellers B: C: A homogeneous product (not
differentiated) C: D: Individual firms have the power to control
price. D: 2. The individual firm’s demand curve (as compared to
the market demand curve) in a perfectly competitive market
is: 2. The individual firm’s demand curve (as compared to
the market demand curve) in a perfectly competitive market
is: A: Perfectly inelastic (vertical) A: B: Downward sloping, but inside of the market
demand curve. B: C: Perfectly elastic (horizontal at the market
price) C: D: Identical to the market demand curve. D: 3. The maximization of profit occurs where: 3. The maximization of profit occurs where: A: Total costs reaches a minimum. A: B: The price is as high as the demand will
allow. B: C: Total revenues reaches a maximum. C: D: The difference between total revenues (TR)
and total costs (TC) is the greatest. D: 4: A firm’s shutdown point is: 4: A firm’s shutdown point is: A: The minimum on the marginal cost curve
(MC). A: B: The minimum on the average variable cost
(AVC) curve. B: C: The minimum on the average total cost curve
(ATC). C: D: When demand equals zero. D: 5. Which of the following statements about perfectly
competitive markets is correct? 5. Which of the following statements about perfectly
competitive markets is correct? A. In the long run, perfectly competitive firms
earn zero economic profit. A. B. In the long run, perfectly competitive firms
can earn profits, losses or break-even. B. C. In the short run, firms will never choose to
shut down. C. D. In the short run, perfectly competitive
firms will never earn a profit.
D.

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Austa Market, The following ore Characteristre of perfectly competitive Except! (d) In drurdual from have the power to control panece. In the perfectly competitive Market the firm is price taker. so the from has no control the price power to (2) The indiuidural firm’s Demand ware in a perfectly competitive Market ty a perfectly elastic chorizontal at the Market prices. @ → Demand curre. Price (3) Quantity The Maximization of profit occurs where. The difference between Total Revenue CR and Total cost CTO is the greatest (D)
(4) A fronis shut down point is The on the Average varrable cost (ANC (B2 mimimcima cuore The firm shut down point is where cp-min Ave) price is Minimum of Average variable cost equal to (5) The Yollowing statement about perfectly competitive Market is correct long Run perfectly compertine firmes eam economic profit (A) In the Zero LAC MC P. 으 Price O 0 Quontoty In the long run long Run Price is equal to minimum of (LAC) Average Cost so the firm earn economic profit zero
1. All of the following are characteristics of perfectly
competitive markets, except:
A: No barriers to entry or exit (fully
mobile)
B: Large number of buyers & sellers
C: A homogeneous product (not
differentiated)
D: Individual firms have the power to control
price. 
2. The individual firms demand curve (as compared to
the market demand curve) in a perfectly competitive market
is:
A: Perfectly inelastic (vertical)
B: Downward sloping, but inside of the market
demand curve.
C: Perfectly elastic (horizontal at the market
price)
D: Identical to the market demand curve. 
3. The maximization of profit occurs where:
A: Total costs reaches a minimum.
B: The price is as high as the demand will
allow.
C: Total revenues reaches a maximum.
D: The difference between total revenues (TR)
and total costs (TC) is the greatest.
4: A firms shutdown point is:
A: The minimum on the marginal cost curve
(MC).
B: The minimum on the average variable cost
(AVC) curve.
C: The minimum on the average total cost curve
(ATC).
D: When demand equals zero.
5. Which of the following statements about perfectly
competitive markets is correct?
A. In the long run, perfectly competitive firms
earn zero economic profit.
B. In the long run, perfectly competitive firms
can earn profits, losses or break-even.
C. In the short run, firms will never choose to
shut down.
D. In the short run, perfectly competitive
firms will never earn a profit. 1. All of the following are characteristics of perfectly
competitive markets, except:
A: No barriers to entry or exit (fully
mobile)
B: Large number of buyers & sellers
C: A homogeneous product (not
differentiated)
D: Individual firms have the power to control
price. 
2. The individual firms demand curve (as compared to
the market demand curve) in a perfectly competitive market
is:
A: Perfectly inelastic (vertical)
B: Downward sloping, but inside of the market
demand curve.
C: Perfectly elastic (horizontal at the market
price)
D: Identical to the market demand curve. 
3. The maximization of profit occurs where:
A: Total costs reaches a minimum.
B: The price is as high as the demand will
allow.
C: Total revenues reaches a maximum.
D: The difference between total revenues (TR)
and total costs (TC) is the greatest.
4: A firms shutdown point is:
A: The minimum on the marginal cost curve
(MC).
B: The minimum on the average variable cost
(AVC) curve.
C: The minimum on the average total cost curve
(ATC).
D: When demand equals zero.
5. Which of the following statements about perfectly
competitive markets is correct?
A. In the long run, perfectly competitive firms
earn zero economic profit.
B. In the long run, perfectly competitive firms
can earn profits, losses or break-even.
C. In the short run, firms will never choose to
shut down.
D. In the short run, perfectly competitive
firms will never earn a profit.

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