microchp11 - POP QUIZ WORKSHEET 3 : CHAPTER 11 NAME: _...

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POP QUIZ WORKSHEET 3 : CHAPTER 11 NAME: __________________________________ COURSE: ________________________________ 2. Which of the following does not characterize perfect competition? a. Competitive firms sell an identical product. b. There are so many firms selling output in the market that no one individual firm has the ability to control the market price. c. Economic profits cannot be earned in the long run. d. The demand curve facing the competitive firm is downward sloping. 3. For a perfectly competitive firm: a. the demand curve is perfectly inelastic at the market price and is one and the same with its marginal-revenue curve. b. economic profits can be earned in the long run but not in the short run. c. the profit-maximizing quantity to produce occurs at that output level in which price equals marginal cost. d. its total-revenue function is linear (a straight line), with a slope equal to the quantity demanded. 4.
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microchp11 - POP QUIZ WORKSHEET 3 : CHAPTER 11 NAME: _...

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