Question

QUESTION 1

In a perfectly competitive market, competitors are:

1. A dime a dozen.
2. Nonexistent.
3. Unable to compete.
4. Earning significant profits.
5. All of the above.

QUESTION 2

Other chapters will examine other industry types:

1. Monopoly.
2. Monopolistic Competition.
3. Oligopoly.
4. All of the above.
5. None of the above.  

QUESTION 3

If a firm in a perfectly competitive market raises the price of its product:

1. It will increase its revenues.
2. It will outsell its competitors.
3. It will lose all of its sales to competitors.
4. All of the above.
5. None of the above.

QUESTION 4

A perfectly competitive firm must be:

1. Better than its competitors to survive.
2. A very small player in the overall market.
3. A market leader.
4. The only option in that market.
5. Happy.

Answer 1

QUESTION 1

3

QUESTION 2

4

QUESTION 3

3

QUESTION 4

1