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1. Which of the following is not necessarily a characteristic of perfect competition? (Points: 1)low pricesa large number of buyers and sellersa homogeneous productperfect information2. In the short run, a perfectly competitive ball bearing manufacturer will continue to produce at a loss if (Points: 1)it is covering all of its fixed costit is covering all of its variable cost plus part of its fixed costvariable cost is less than fixed costfixed cost is zero3. The golden rule of profit maximization states that any firm maximizes profit by producing where (Points: 1)marginal revenue equals marginal costdemand is unit elastic, and total revenue is greatestprice equals marginal revenueprice equals marginal cost4. Which of the characteristics of perfect competition assures that economic profit will be zero in the long run? (Points: 1)There is easy entry and exit in the market.Each firm is a price taker.Each firm has access to perfect information.Each firm is small relative to the market.5. A constant-cost industry is distinguished by the fact that (Points: 1)firms’ short-run average total costs are horizontalfirms’ short-run marginal cost curves are horizontalthe long-run industry supply curve is perfectly elasticthe short-run industry supply curve is perfectly elastic6. Commodity products are (Points: 1)pasteurizedblandperceived by consumers to be identicalmade by one manufacturer7. In a perfectly competitive industry we are likely to find (Points: 1)firms producing a wide variety of productsbarriers to entryno profit possible in the short runfirms that do not advertise8. Perfectly competitive firms are price takers because (Points: 1)all small firms must take the price set by the largest firm in the marketfirms take the price that government determines is a "fair" priceeach firm is small and goods are perfect substitutes for one anotherfree entry and exit in the short run creates a constant market price in the long run9. In perfect competition, if one firm raises its price, (Points: 1)others will followthat firm will increase its revenuesthat firm will lose revenues because other firms will not followall consumers will be adversely affected10. Suppose, at its present rate of output, a perfectly competitive firm’s marginal revenue exceeds both its marginal cost and its average variable cost. To maximize profit, the firm should (Points: 1)lower the priceraise the priceincrease outputreduce output
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