Question
The characteristics of perfect competition are: ___________________, _____________________, ________________________ ___________________, ___________________ 2. The demand curve in perfect competition is: ______________ (Shape or slope) 3. The
The characteristics of perfect competition are:
___________________, _____________________, ________________________
___________________, ___________________
2. The demand curve in perfect competition is: ______________ (Shape or slope)
3. The firm operates at the quantity where _________ equals ___________.
4. Total profit is equal to ___________ minus ________________.
5. The marginal revenue curve in perfect competition is: ______________ (Shape or slope)
6. The entrance of one or two new firms (in perfect competition) does what to market price?
_______________________________________,
7. For a firm to operate, price must at least cover: ____________________________
8. In the long run, (in perfect competition) a firm will always: ______________ (make profits, break even, operate at a loss)
9. The marginal revenue curve in perfect competition is equal to: ______________ (curve)
10.The entrance of one or two new buyers (in perfect competition) does what to market price?
_______________________________________,
11. In the long run, given increasing costs, the supply curve for the firm will be __________ (slope)
12. In the long run, given constant costs, the supply curve for the firm will be ____________ (slope)
13. In the long run, given decreasing costs, the supply curve for the firm will be __________ (slope)
14. The profit maximizing quantity is where marginal costs equal ___________
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