Perfect Competition, Equilibrium price & Marginal Utility


#1. The demand curve facing a perfectly competitive firm is:

#2. What is the likely outcome if the government sets a price ceiling below the equilibrium price?

#3. If the price of a good is $2 and the marginal utility is 10 utils, what is the consumer's willingness to pay for the next unit?

#4. Firms in perfect competition are:

#5. In perfect competition, products are:

#6. Which of the following is a characteristic of a Giffen good?

#7. What happens if the market price is above the equilibrium price?

#8. Equilibrium price is where:

#9. In a perfectly competitive market, there are:

#10. In the long run, a perfectly competitive firm earns:

#11. A rational consumer will allocate their money such that:

#12. If a consumer is in equilibrium and consuming two goods, what must be true about the marginal utilities of the two goods?

#13. The point where the demand and supply curves intersect is known as:

#14. The law of diminishing marginal utility states that:

#15. Marginal utility is: