Perfect Competition
1. 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...