This study source was downloaded by 100000809576529 from CourseHero.com on 05-21-2024 00:56:48 GMT -05:00 https://www.coursehero.com/file/50963662/Week-8-Written-Assignment-ECONdocx/ [1] Which of the ...

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This study source was downloaded by 100000809576529 from CourseHero.com on 05-21-2024 00:56:48 GMT -05:00
https://www.coursehero.com/file/50963662/Week-8-Written-Assignment-ECONdocx/ [1] Which of the following markets are closest to perfectly
competitive
[A] The market for smart phones
[B] The market for generic pharmaceuticals
[C] The market for sport shoes

[2] A firm in a ______________ faces a __________ demand curve.
[A] perfectly competitive market; perfectly inelastic
[B] perfectly competitive market; perfectly elastic
[C] monopoly market; perfectly elastic
[D] monopoly market; horizontal

[3] In a perfectly competitive market industry, firm’s prices are
equal to
[A] Average revenue
[B] Marginal revenue
[C] Both a and b
[D] None of the above

[4] In the long-run, a perfectly competitive firm will achieve
[A] An average rate of return
[B] Above average profits
[C] Losses
[D] Economic Profits

[5] A perfectly competitive firm has
[A] A perfectly elastic demand for its products

This study source was downloaded by 100000809576529 from CourseHero.com on 05-21-2024 00:56:48 GMT -05:00
https://www.coursehero.com/file/50963662/Week-8-Written-Assignment-ECONdocx/[B] A perfectly inelastic demand for its products
[C] A downward sloping demand for its products
[D] None of the above

[6] If a firm in a perfectly competitive industry is experiencing higher
than normal returns, in the long-run
[A] Some firms will leave the industry and price will rise
[B] Some firms will enter the industry and price will rise
[C] Some firms will leave the industry and price will fall
[D] Some firms will enter the industry and price will fall

[7] In a competitive industry
[A] the industry has high barriers to entry
[B] the industry has high barriers to exit
[C] the industry has high barriers to entry and exit
[D] the industry has no barriers to entry or exit

[8] In a competitive industry, the competitive firm’s profits are
[A] independent of the industry in which they compete
[B] closely linked to the industry in which they compete