6 Questions
In perfect competition, what is the level of product differentiation?
No product differentiation
What is the characteristic of the demand curve for a firm in perfect competition?
Perfectly elastic
What is the long-run economic profit for firms in perfect competition?
Zero economic profit
In a monopoly market, how many sellers are there?
One
What is the level of entry barriers in a monopoly market?
High
How much control does a monopoly firm have over the price of its product?
Significant control
Test your knowledge of perfect competition in economics with this quiz! Explore the level of product differentiation, the characteristics of the demand curve for firms, and the long-run economic profit in perfect competition. Perfect for students and enthusiasts of economics.
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