What is a defining characteristic of perfect competition?

If the demand curve in a perfectly competitive market shifts to the left, what is the likely impact on the equilibrium price and quantity?

If a firm's total revenue is \$600 and it sells 30 units, what is the average revenue?

Given a graph where the marginal cost curve intersects the marginal revenue curve at a quantity of 50 units, what does this intersection represent?

If a firm's price is \$8 and its average variable cost is \$10, what should the firm do?

What is the significance of the shutdown point on an average variable cost curve?

What is the condition for a firm to exit a market in the long run?

If the price is \$20 and the average total cost is \$18, what is the firm's profit per unit?

How do the roles of AVC and ATC differ in the formation of the supply curve in the short run and long run?

If an individual firm supplies 50 units at a price of \$10, how many units will 500 identical firms supply at the same price?

Why do individual firms' supply curves coincide with their marginal cost curves in the short run?

If each of 200 identical firms supplies 30 units at a price of \$15, what is the total market supply?

If consumer preferences shift towards gluten-free products, how will the wheat market adjust in the long run?

What is allocative efficiency in perfectly competitive markets?

A firm in a perfectly competitive market is considering shutting down in the short run. What should it evaluate before making this decision?