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Micro_StudyQuestions_Exam3

Micro_StudyQuestions_Exam3 - Microeconomics David Simon...

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Microeconomics David Simon STUDY QUESTIONS FOR EXAM #3 1) Which of the following is not an assumption of the theory of perfect competition? a. There are many sellers and many buyers, none of which is large in relation to total sales or purchases. b. Each firm produces and sells a differentiated product . c. Buyers and sellers have all relevant information with respect to prices, product quality, sources of supply. d. There is easy entry and exit. 2) Is it correct to say that in perfectly competitive market structure firms have no influence over the price they charge for the product? 3) A firm that is a price taker is a firm: 4) Perfectly competitive firms are price takers for all of the following reasons except: 5) The demand curve for a perfectly competitive firm is: a. downward sloping. b. upward sloping. c. perfectly horizontal. d. perfectly vertical. e. may be downward or upward sloping depending upon what type of product is being offered for sale. 6) The market demand curve in a perfectly competitive market is:
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