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Perfect Competition and General Equilibrium Quiz

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Perfect Competition and General Equilibrium Quiz

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Questions and Answers

What is a perfect market in economics also known as?

Monopolistic market

Monopsonistic market

Oligopolistic market

Atomistic market (correct)

In perfect competition, what does a profit-maximizing producer face?

A market price equal to its marginal cost (correct)

A market price higher than its marginal cost

A market price lower than its marginal cost

A fixed market price

What does perfect competition provide in terms of efficiency?

Inefficiency

Allocative efficiency only

Allocative efficiency and productive efficiency (correct)

Productive efficiency only

In perfect competition, at what point will output always occur?

Where marginal cost is equal to average revenue (price) Signup and view all the answers

What does a market reach in perfect competition?

An equilibrium in which the quantity supplied equals the quantity demanded at the current price Signup and view all the answers

What is a perfect market in economics also known as?

Atomistic market Signup and view all the answers

In perfect competition, what does a profit-maximizing producer face?

A market price equal to its marginal cost Signup and view all the answers

What is the condition for allocative efficiency in perfect competition?

Output occurs where marginal cost is equal to average revenue Signup and view all the answers

What does a market reach in perfect competition at equilibrium?

Quantity supplied equals quantity demanded at the current price Signup and view all the answers

What does perfect competition provide in terms of efficiency?

Both allocative efficiency and productive efficiency Signup and view all the answers

Perfect Competition and General Equilibrium Quiz

Choose a study mode

Podcast

Questions and Answers

What is a perfect market in economics also known as?

In perfect competition, what does a profit-maximizing producer face?

What does perfect competition provide in terms of efficiency?

In perfect competition, at what point will output always occur?

What does a market reach in perfect competition?

What is a perfect market in economics also known as?

In perfect competition, what does a profit-maximizing producer face?

What is the condition for allocative efficiency in perfect competition?

What does a market reach in perfect competition at equilibrium?

What does perfect competition provide in terms of efficiency?

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