Perfect Competition Worksheet
A Grade 12 Social Studies worksheet exploring the characteristics, implications, and real-world examples of perfect competition in economics.
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Perfect Competition: Grade 12 Economics
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Read each question carefully and answer to the best of your ability. This worksheet assesses your understanding of perfect competition.
1. Which of the following is NOT a characteristic of a perfectly competitive market?
Many buyers and sellers
Homogeneous products
Barriers to entry and exit
Perfect information
2. In a perfectly competitive market, individual firms are considered:
Price makers
Price setters
Price takers
Price influencers
3. In the long run, firms in perfect competition earn economic profit.
4. The demand curve for an individual firm in perfect competition is .
5. Explain why perfect competition leads to allocative efficiency.
6. Describe the role of information in a perfectly competitive market.
7. A perfectly competitive market is characterized by significant barriers to entry and exit.
True
False
8. In perfect competition, firms produce at the minimum of their average total cost in the long run.
True
False
9. Analyze the graph below, which represents a perfectly competitive firm. Label the following: Marginal Cost (MC), Average Total Cost (ATC), Average Variable Cost (AVC), Demand (D), Price (P), and Quantity (Q). Indicate the profit-maximizing output level and the area of profit/loss in the short run.
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