AP Microeconomics : Perfect Competition Quiz

Quiz
*Theme/Title: Perfect Competition
* Description/Instructions
Perfectly competitive markets describes markets where there are many buyers and sellers all selling the same product. Anyone can enter or exit the market with cost. In competitive markets, no one can control the price instead firms are price takers. There markets are characterized by short-run profits but zero economic profit in the long run. The College Board usually assumes that the firms in the industry are constant cost firms.

Group: AP Microeconomics AP Microeconomics Quizzes
Topic: AP Microeconomics



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