Quiz Practice

This quiz relates to the following lesson objectives:

• Describe how a firm in perfect competition makes profit-maximizing decisions
• Describe how perfectly competitive markets determine output, price, and economic profit in the short run
• Explain how output, price, and profit are determined in perfectly competitive markets in the long run

Read the following before entering the Quiz Practice:

• There is no time limit for the Quiz Practice.
• Once you achieve an 80% or higher on this Quiz Practice you will be allowed to advance to this lesson's Quiz.
• If you do not pass this Quiz Practice with an 80% or higher within 5 tries, you will not be eligible to take the graded quiz and must move to the next lesson.
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Submitting Your Quiz Practice:

• When you are finished with this Quiz Practice, click the Submit Quiz button.