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Perfect Competition and Monopoly

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15 questions

  • 1. Multiple Choice
    30 seconds
    1 pt

    Which of the following could attract new firm to join an industry?

    Normal profits

    Economic losses

    Economic profits

    Accounting profits

  • 2. Multiple Choice
    30 seconds
    1 pt

    A firm operating in a perfectly competitive market will shut down when price is below the minimum of a(n) ____________.

    marginal cost curve

    average total cost curve

    average fixed cost curve

    average variable cost curve

  • 3. Multiple Choice
    20 seconds
    1 pt

    A perfect competitive firm charges a price that is ____________.

    different to other firms

    higher than other firms

    lower than other firms

    similar to other firms

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