AP Microeconomics Practice Test: Perfect Competition

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Question 5 questions

Time 6 minutes

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1. The individual firm, operating under perfect competition, is characterized as:

2. Firms maximize their profits by producing a level of output at which

3. In the short run, the shut down price is equal to

4. The demand curve for the firm operating under perfect competition is

5. Which of the following is not correct for the perfectly competitive firm, in the long run?