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1、Microeconomics 9e(Parkin)Chapter 12 Perfect Competition1 What is Perfect Competition?1)Perfect competition arises if the efficient scale of a single producer isrelative to the demand for the good or service.A)minimum;smallB)minimum;largeC)maximum;smallD)maximum;largeAnswer:ATopic:How Perfect Competi
2、tion ArisesSkill:RecognitionAACSB:Reflective Thinking2)Which of the following is true regarding a perfectly competitive firm?A)The firm can charge a lower price than its competitors and thereby sell more output andincrease its profits.B)The firm always earns a normal profit.C)The firms marginal reve
3、nue continually decreases.D)The firms minimum efficient scale is small relative to the market demand.Answer:DTopic:How Perfect Competition ArisesSkill:RecognitionAACSB:Reflective Thinking3)The smallest quantity of output at which long-run average cost is at a minimum is a firmsA)maximum efficient sc
4、aleB)profit-maximizing output pointC)minimum efficient scaleD)efficient output pointAnswer:CTopic:How Perfect Competition ArisesSkill:RecognitionAACSB:Reflective Thinking4)If the minimum efficient scale of a firm is small relative to the demand fbr the good,thenA)many small firms can compete in the
5、market.B)several large firms will enter the market thereby reducing competition.C)there will be no economic profits for any small firms,so no new firms will ever enter themarket.D)the firms already in the market have lower average total cost than any new firm entering themarket.Answer:ATopic:How Per
6、fect Competition ArisesSkill:RecognitionAACSB:Reflective Thinking5)In perfect competition,theA)market demand for the good or service is large relative to the minimum efficient scale of asingle producer.B)market demand for the good or service is small relative to the minimum efficient scale of asingl
7、e producer.C)market demand for the good or service can be small relative to the minimum efficient scale ofa single producer as long as the goods or services are not identical.D)size of the market demand fbr the good or service relative to the minimum efficient scale of asingle producer does not affe
8、ct competition.Answer:ATopic:How Perfect Competition ArisesSkill:RecognitionAACSB:Reflective Thinking6)Which of the following conditions is consistent with perfect competition?A)Attempts by each firm to make their product different from products produced by other firmsreinforces competition between
9、firms.B)The minimum efficient scale of a single producer is small relative to the demand for the goodor service.C)New firms must operate more efficiently in order to overcome the competitive advantage ofexisting firms.D)Sellers and buyers are well informed about available quantity but not prices.Ans
10、wer:BTopic:How Perfect Competition ArisesSkill:RecognitionAACSB:Reflective Thinking7)In order for perfect competition to arise,it must be the case thatA)demand for the good or service is large relative to the minimum efficient scale of any singleproducer.B)firms produce a good or service that is ide
11、ntical to those of its competitors.C)the time frame under consideration is very long.D)Both answers A and B are correct.Answer:DTopic:How Perfect Competition ArisesSkill:RecognitionAACSB:Reflective Thinking8)In perfect c o m p e t i t i o n,.A)there are restrictions on entry into the industryB)firms
12、 in the industry have advantages over firms that plan to enter the industryC)only firms know their competitors*pricesD)there are many firms that sell identical productsAnswer:DTopic:Perfect CompetitionSkill:RecognitionAACSB:Reflective Thinking9)Perfect competition is an industry withA)a few firms pr
13、oducing identical goods.B)a few firms producing goods that differ somewhat in quality.C)many firms producing identical goods.D)many firms producing goods that differ somewhat.Answer:CTopic:Perfect CompetitionSkill:RecognitionAACSB:Reflective Thinking10)Perfect competition exists in an industry ifA)t
14、here are many firms producing an identical product.B)there are many firms producing a similar product,each of which may have unique features.C)the firm is protected by a barrier to entry.D)the firm is always at the break-even point where it is earning only a normal profit.Answer:ATopic:Perfect Compe
15、titionSkill:RecognitionAACSB:Reflective Thinking11)An industry is perfectly competitive ifA)each firm in it can influence the price of its product.B)there are many firms in it,each selling a slightly different product.C)there are many firms in it,each selling an identical product.D)there are few fir
16、ms in the industry.Answer:CTopic:Perfect CompetitionSkill:RecognitionAACSB:Reflective Thinking12)In a perfectly competitive industry,there areA)many buyers and many sellers.B)many buyers,but there might be only one or two sellers.C)many sellers,but there might be only one or two buyers.D)one firm that sets the price for the others to follow.Answer:ATopic:Perfect CompetitionSkill:RecognitionAACSB:Reflective Thinking13)In perfect competition,the product of a single firmA)has many perfect substitut
