Perfect Competition (Grade 12 NSC Matric Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What type of market structure does perfect competition represent?
What type of market structure does perfect competition represent?
A theoretical ideal market structure
Which market comes close to perfect competition?
Which market comes close to perfect competition?
Stock exchanges
What does 'homogeneous products' mean in perfect competition?
What does 'homogeneous products' mean in perfect competition?
Products are exactly the same
What happens if a seller charges above the market price in perfect competition?
What happens if a seller charges above the market price in perfect competition?
They lose all their business
What are participants called who must accept the market price?
What are participants called who must accept the market price?
Price-takers
What must all buyers and sellers have in perfect competition?
What must all buyers and sellers have in perfect competition?
Complete access to market information
What must factors of production be in perfect competition?
What must factors of production be in perfect competition?
Completely mobile
What should NOT exist in free competition?
What should NOT exist in free competition?
Government interference or cartels
Where is market equilibrium price determined?
Where is market equilibrium price determined?
Where supply and demand curves intersect
What type of demand curve does an individual firm face?
What type of demand curve does an individual firm face?
A horizontal demand curve