APMacroUnit1Quiz8 - AP Macroeconomics Unit 1 Quiz 8 Name...

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AP Macroeconomics Unit 1 Quiz 8 Name ___________________________________________________ Date ______________________________ Directions : Place the letter of the BEST answer on the line to the left of the number ____ 1. Why does a perfectly competitive market require many buyers and sellers? A. so no individual can control the price C. so buyers and sellers have the same information B. because goods must be uniform D. to maintain quality over the goods ____ 2. What is the relationship between start-up costs and a competitive market? A. High start-up costs are likely to make a market less competitive. B. High start-up costs are likely to make a market more competitive. C. Low start-up costs are likely to make a market less competitive. D. There is no relationship between start-up costs and competitiveness. ____ 3. Why are there relatively few markets in which there is perfect competition? A. Lack of demand keeps buyers away. B. High prices keep companies in the market too long. C. Barriers keep companies from entering. D. Buyers will not pay more for perfect competition. ____ 4. How does a perfect market influence output? A. Each firm adjusts its output so that its costs, including profit, are covered. B. Each firm makes its output as large as possible. C. Firms make different amounts of goods, but only some make a profit.
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