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12 questions
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- 1. Multiple-choice30 seconds1 pt
Perfect competition
Less buyers
Less seller
Large buyers and sellers
- 2. Multiple-choice30 seconds1 pt
Perfect competition
Products
Different
Homogenous
- 3. Multiple-choice30 seconds1 pt
Perfect competition
Price
Not defined
Different price
Uniform price
- 4. Multiple-choice30 seconds1 pt
Perfect competition
Firm earn in long run
Abnormal loss
Abnormal profit
Normal profit
- 5. Multiple-choice30 seconds1 pt
Perfect competition
New firm
Can not enter
Free entry
Strong barriets
- 6. Multiple-choice30 seconds1 pt
In perfect competition
If existing firm earning abnormal profit
Supply decrease
Supply increase
Price increases
- 7. Multiple-choice30 seconds1 pt
In perfect competition
Existing firm incurring abnormal loss
Prices decrease
Price increases
No change in price
- 8. Multiple-choice30 seconds1 pt
In perfect competition
Firm earn in long run
Abnormal profit
Abnormal loss
Normal loss
Normal profit
- 9. Multiple-choice30 seconds1 pt
In perfect competition
Implications of homogenous product will be
Different price in market
Uniform price
- 10. Multiple-choice30 seconds1 pt
In perfect competition
Price determined by
Seller
Buyer
Government
Market forces of demand and supply
- 11. Multiple-choice30 seconds1 pt
In perfect competition
Any firm can charge high price
Correct
Wrong
- 12. Multiple-choice30 seconds1 pt
In perfect competition
Buyer can purchase from any seller
Wrong
Correct
