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You are watching: Which of the following statements is true about a competitive market? a competitive market

1) c) a firm in such sector is a price maker. This declare is false. A for sure in competitive industry is a price taker. 2) e) a…View the full answer
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Transcribed photo text: 1. Which of the complying with statements about a perfectly competitive sector is no true? a) The assets sold by the firms are the same b) everyone can enter or exit the market without difficulty c) A firm in together a market is called a price device d) there are plenty of sellers in the sector e) Buyers and also sellers have perfect information about the industry 2. If an separation, personal, instance firm is a price taker, thern a) It deals with a horizontal need curve b) that is operation in a perfectly competitive market c) that is price is identified by the market supply and also market need curves d) it has no real manage over the price the it charges, ifit raises the price,it will lose all of its customers, and if that lowers the price, it loses revenue e) every one of these 3. If a certain in a perfect competitive sector raises that price, a) weather it sells less or much more depends on elasticity b) the will market less yet have more revenue c) it will sell precisely the exact same amount d) it will sell less yet have the very same revenue e) that will sell nothing 4. In the short run, a perfectly competitive firm maximizes profit whereby a) marginal revenue equates to marginal price b) price equates to marginal cost c) the short-run average-total-cost curve reaches a minimum d) price equal marginal revenue e) Both a and also b 5. In the long run, a perfect competitive sector will a) have departure of firms if financial profits are an adverse b) have normal financial profits in long-run equilibrium c) have actually entry of this firm if economic profits are positive d) have entry and exit of firms until financial profits room zero e) every one of these 6. Because that a monopoly, the market need curve is the firm's a) supply curve b) marginal revenue curve c) need curve d) profit role 7. Monopolistic a) maximize revenue, not profit b) have no short-run fixed expenses c) confront downward sloping demand curves d) space price takers 8. Which of the following is a characteristics of a single-price monopoly? a) b) c) d) the firm is a price takers need is perfectly elastic there are numerous close substitutes because that the firm's product price over marginal revenue 9 In the figure below, the perfect competitive fir maximizes its benefit at a) output R b) calculation S c output T d) output U e) can not be established from the information given vc 10. Expect that a syndicate is currently producing the amount at i beg your pardon marginal revenue is much less than marginal cost. The monopoly can rise their profit by a) Shutting under b) Lowering its price and increasing its output c) increasing the price and also decreasing its calculation d) Lowering the price and also decreasing its calculation