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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the main goal of firms in a perfectly competitive market?
💡 Hint: Think about what motivates any business.
Question 2
Easy
What does a supply curve illustrate?
💡 Hint: It’s a graphical representation of supply.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the primary objective of a firm in a perfect competition market?
- Maximize revenue
- Minimize costs
- Maximize profit
💡 Hint: Think about what businesses aim for.
Question 2
True or False: A firm can sell any amount of output it produces in a perfectly competitive market.
- True
- False
💡 Hint: Consider the market behavior of such firms.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Assume a firm has total revenues of $3000 and total costs of $2500. Calculate the profit and explain what the firm should consider for future production decisions.
💡 Hint: Think about how profit plays into long-term business strategies.
Question 2
If a new competitor enters the market and increases total supply, what might happen to the individual firm's price and its decision to produce?
💡 Hint: Consider the impact of competition on pricing strategy.
Challenge and get performance evaluation