A2 Economics Perfect Competition
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1 TheRevisionGuide.com Accelerating your potential Economics Revision Worksheet A2 Economics Perfect Competition Worksheets by: Apsara Sumanasiri Student Name : Date:. TheRevisionGuide ( is a free online resource for Economics and Business Studies. Don t forget to visit our website as part of your revision by Apsara Sumanasiri Page 1
2 WORKSHEET Revision Topic : Market Structures : Perfect Competition Multiple Choice Questions Question 1 Which of the following markets is closest to the model of perfect competition? A The foreign exchange market. B Computer software production. C Car manufacturing. D The provision of rail travel. E High street coffee shops. Question 2 A perfectly competitive firm will be productively efficient : A only in the long run. B only in the short run. C in both the short run and the long run. D only if it is making supernormal profits. E only if it is making a loss. Question 3 A firm in long-run equilibrium under perfect competition will: A cover only its variable costs. B be allocatively inefficient C make only normal profit D be productively inefficient E cover only its fixed costs. Question 4 A firm in perfect competition will be: A Productively efficient in both the short run and the long run. B Productively efficient only in the short run. C Allocatively efficient in both the short run and the long run. D Allocatively efficient only in the long run. E Neither productively nor allocatively efficient in the short run by Apsara Sumanasiri Page 2
3 Question 5 The diagram below shows a firm producing at output Q1. AR=MR 0 Q1 Which of the following applies to such a firm? Market Structure Profit A Perfect Competition B Perfect Competition Supernormal C Monopoly D Monopolistic Competition E Monopolistic Competition Supernormal Question 6 Which of the following markets has characteristics closest to the model of perfect competition? A Pharmaceuticals B Wheat C Telephone services D Banking services E Steel 2014 by Apsara Sumanasiri Page 3
4 Question 7 A perfectly competitive firm is making supernormal profits. Which of the following applies to such a firm? Time Period Productive Allocative Efficiency Efficiency A Short-run No No B Long-run Yes No C Short-run Yes Yes D Long-run Yes Yes E Short-run No Yes Question 8 s and Costs per unit AR=MR 0 The diagram shows a perfectly competitive firm operating in the short-run. In the long-run the firm and industry will necessarily experience. Firm s output Industry Price Industry A rise fall rise B rise fall fall C fall fall rise D fall rise rise E fall fall fall 2014 by Apsara Sumanasiri Page 4
5 Question 9 Costs, Pe AR=MR Qe The diagram shows a firm producing at output Qe. Which of the following applies to such a firm? Market Structure Profit A Monopolistic Competition B Perfect Competition Supernormal C Monopolistic Competition Supernormal D Perfect Competition E Contestable Market Supernormal Question 10 Which of the following is true for a firm operating in a perfectly competitive market? A It is productively efficient in both the short run and long run. B It is allocatively efficient in the short run but not long run. C It is productively and allocatively efficient in the long run. D It is allocatively efficient in the long run but not short run. E It is productively efficient in the short run but not long run by Apsara Sumanasiri Page 5
6 Question 11 and costs AVC P1 D-AR=MR 0 Q1 Based on the above diagram of a short-run perfectly competitive firm, it can be deduced that the firm will. A shut down immediately. B raise price. C expand output. D continue to produce at Q1 in the short run. E lower price. Question 12 Total (tonnes) Total cost Total The data in the table refer to the costs and revenue for a small farm producing barley. (You may use the right-hand columns to show your workings). It can be inferred that over the output range the farm is operating under conditions of: 2014 by Apsara Sumanasiri Page 6
7 A oligopoly and breaks even at an output of 2 tonnes B monopolistic competition and falling marginal revenue. C perfect competition and rising marginal costs. D monopoly and rising marginal revenue. E perfect competition and constant marginal costs. Question 13 Total Loaves of bread (daily) Total cost Total The data in the table relate to the daily costs and revenue for a small bakery producing loaves of bread. It can be inferred from the data that the firm is operating under conditions of : A imperfect competition and constant marginal costs. B perfect competition and rising marginal costs. C imperfect competition and falling marginal costs. D perfect competition and falling marginal costs. E imperfect competition and rising marginal costs. Question 14 A manufacturer of jeans has constant average costs over its normal range of output. It decides to operate a cost-plus pricing policy. The most likely objective of this pricing policy is to : A achieve allocative efficiency in pricing. B minimize consumer surplus. C discourage new entrants to the market for jeans. D achieve sales maximisation. E achieve a target level profit by Apsara Sumanasiri Page 7
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