82x My Courses Q.5 Populi - Bethesda University ba240 week 10 - Documentos... 4) Perfect competition means that 1 Point O there are many sellers O there is easy entry and exiting of firms O products are identical from one seller to another O sellers are price takers All of these answers are correct. )_ is the conditions in an industry, such as number of sellers, how easy or difficult it is for a new firm to enter, and the type of products that are sold. 1 Point O market share market value O market place market structure occurs where all firms earn zero economic profits producing the output level where P = MR = MC and P = AC. 1 Point Oshort-run equilibrium O long-run demand O long-run equilibrium Olong-run supply 7) If the market price is equal to average cost at the profit-maximizing level of output, then the firm isbuc.populiweb ED V My Courses ba240 week 10 - Documentos. Populi - Bethesda University O the quantity of output where total revenues exceed total costs by the greatest amount O the quantity of output where partial revenues exceed total costs by the greatest amount O the quantity of output where total revenues do not exceed total costs by the greatest amount ONone of these answers are correct. 9) Through the process of entry in response to profits and exit in response to losses, the price level in a perfectly competitive market will move toward the zero-profit point, where the marginal cost curve 1 Point crosses the AC curve at the minimum of the average cost curve does not cross the AC curve at the minimum of the average cost curve. crosses the AC curve at the maximum of the average cost curve. None of these answers are correct. 10) Long-run equilibrium in perfectly competitive markets meets two important conditions. Which is not one of those conditions? 1 Point O allocation efficiency productive efficiency price production All of these are important conditions. Click the button below to submit your test. You will not be able to change your answers after this. Submit Test Terms of Service . Acceptable Use Policy . Support . Sysbuc.populiweb * Populi - Bethesda University My Courses ba240 week 10 - Documentos... 1) _ is the additional revenue gained from selling one more unit. 1 Point O marginal avenue O marginal revenue O marginal venue O marginal cost 2) Long-run equilibrium in a perfectly competitive industry occurs after all firms have entered and exited the industry and seller profits are driven to _ 1 Point positive Onegattive Ozero ONone of these are correct 3) A perfectly competitive firm is a price taker, which means 1 Point that it must accept the equilibrium price at which it sells goods that it must not accept the equilibrium price at which it sells goods. that equilibrium price does not matter. None of these answers are correct. 4) Perfe