Features of Perfect Competition
Economics ⇒ Markets and Price Determination
Features of Perfect Competition starts at 11 and continues till grade 12.
QuestionsToday has an evolving set of questions to continuously challenge students so that their knowledge grows in Features of Perfect Competition.
How you perform is determined by your score and the time you take.
When you play a quiz, your answers are evaluated in concept instead of actual words and definitions used.
See sample questions for grade 11
Describe the implication of 'no transportation cost' in perfect competition.
Describe the role of a price taker in perfect competition.
Explain the concept of 'perfect knowledge' in perfect competition.
Explain the meaning of 'free entry and exit' in the context of perfect competition.
Explain the meaning of 'no selling cost' in perfect competition.
Explain why firms in perfect competition are called 'price takers'.
Explain why perfect competition is considered an ideal market structure.
Explain why there is no need for advertising in perfect competition.
In perfect competition, the AR curve is (1) Downward sloping (2) Upward sloping (3) Horizontal (4) Vertical
In perfect competition, the equilibrium price is determined by (1) The government (2) The largest firm (3) The interaction of market demand and supply (4) Advertising
In perfect competition, the price of the product is determined by (1) Individual firm (2) Government (3) Market forces of demand and supply (4) Consumers only
In perfect competition, the profit maximizing output is where (1) MR = MC (2) AR = AC (3) TR = TC (4) MC = AC
Fill in the blank: In perfect competition, the firm's average revenue is ________ to the market price.
Fill in the blank: In perfect competition, the individual firm's demand curve is ________ to the X-axis.
Fill in the blank: In perfect competition, the marginal revenue of a firm is ________ to its average revenue.
Fill in the blank: In perfect competition, the market price is determined at the point where ________ equals ________.
State whether the following statement is true or false: 'In perfect competition, firms can influence the market supply.'
State whether the following statement is true or false: 'In perfect competition, firms can set their own prices.'
State whether the following statement is true or false: 'In perfect competition, there is perfect mobility of factors of production.'
True or False: In perfect competition, advertising is necessary to increase sales.
