Social Studies

9th -

12thgrade

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Friday Chapter 14 Review

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18 questions

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  • 1. Multiple Choice
    45 seconds
    1 pt

    The individual price-taking firm faces …

    (more than one answer is correct)

    A perfectly inelastic demand curve

    A horizontal demand curve

    A perfectly elastic demand curve

    A vertical demand curve

  • 2. Multiple Choice
    30 seconds
    1 pt

    Over the long run, which of the following statements is true about profit-maximizing firms in a perfectly competitive market?

    Economic profits are zero

    Economic profits are negative

    Economic profits are positive

    Accounting profits are zero

  • 3. Multiple Choice
    30 seconds
    1 pt
    Image

    Suppose that at price P1, motorcycle manufacturers are making positive economic

    profits. Assuming the market in motorcycles is perfectly competitive, which of

    the following will occur in the long run?

    The supply curve will shift to the right

    The demand curve will shift to the right

    Price will rise

    Price will remain constant

    Marginal costs will increase

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