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Essay text:
Which of the following are characteristics of a perfectly competitive market?
a) firms in this market produce a homogeneous product
b) individual firms are "price-makers" in that they realistically choose both the price and the quantity of their goods
c) all firms in this market make positive economic profits in the long run
d) price will equal the minimum LRATC in the long run
e) both a and d
4. Consider the curves for a perfectly competitive firm in Figure X. At a price of $20, this firm will choose an output of :
a) 50 c) 60 e) 90
b) 55 d) 80
5. In a short run perfectly competitive market in Figure XI, the supply curve is reflective of the cost situations facing ______ firms...
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