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ECON-1010-D1/D2-Introduction to Microeconomics

ECON-1010-D1/D2-Introduction to Microeconomics

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Which of the following is NOT a condition of a perfect competition:

industry sales are small

100%

each firm has complete knowledge about production and prices

any individual firm cannot affect market supply

unrestricted entry and exit

products produced by rival firms are perfect substitutes

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If firms in a perfectly competitive market are making an economic profit, new firms will enter. This entry shifts the market

demand curve rightward, and the market price rises.

demand curve leftward, and the market price falls.

supply curve leftward, and the market price rises.

supply curve rightward, and the market price falls.

100%

supply curve rightward and the market demand curve leftward.

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