Review_Questions_for_Perfect_Competition -...

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7516a0ae78428ca822fd95e49f0e7dd7c9a4e9bc.doc 1 1. Give an example of a perfectly competitive market. 2. A perfectly competitive market is characterized by which of the following attributes? (i) Many buyers and many sellers (ii)  Barriers to entry (iii)  Goods offered for sale are largely the same (iv) Price takers a) (i), (ii) and (iv) b) (i) only c) (i), (iii) and (iv) d) All of the above 3.  A (n) _____ refers to a short-run decision by a firm while a (n) _______ refers to a long-run  decision. 7. Shut down, exit 8. Exit, shut down 9. Closure, leave d) Leave, closure  Use Table 1 to answer Question 4.  Question 4 is a table of a perfectly competitive firm: Table 1 Quantity  (bushels of corn per week) Total revenue (thousands of dollars per 
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This note was uploaded on 07/12/2010 for the course ECON 202 taught by Professor Angelatrimarchi during the Spring '10 term at Waterloo.

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Review_Questions_for_Perfect_Competition -...

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