ECO 561 Week 3 Quiz /ECO 561 Week 3 Quiz

1. A purely- or perfectly-competitive firm would be characterized by which of the following? A. Large number of firms, price taker, free entry and exit, and standardized product B. Large number of firms, price maker, free entry and exit, and a differentiated product C. Small number of firms, price maker, limited entry and exit, and a standardized product D. One firm, price maker, limited entry and exit, and a unique product 2. For a purely-competitive firm, price must be A. equal to marginal rev...