Perfect Competition AP Lesson
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Refer to this graph for the next two questions and assume a perfectly competitive market structure.
At the price 0A, economic profits are *
In the short run, the firm will stop production when the price falls below *
A market is clearly NOT perfectly competitive if which of the following is true in equilibrium? *
If a perfectly competitive industry is in long-run equilibrium, which of the following is most likely to be true? *
The next two questions are based on the table below, which gives cost information for a perfectly competitive firm.
The average total cost to the firm of producing 2 units of output is *
If the product price is $85; how many units of output must the firm produce in order to maximize profits? *
The next two questions refer to the graph below showing cost curves for a perfectly competitive firm.
The diagram above shows a perfectly competitive firm’s short-run cost curves. If the price of the output increases from $8 to $10, the profit-maximizing firm will *
At a market price of $6, the profit-maximizing rate of output will result in *
If the market price is $10, how many widgets should this profit-maximizing firm produce? *
Which of the following statements is true about a firm that sells its output in a perfectly competitive market? *
Which of the following are characteristics of a perfectly competitive industry? *
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