Title: QUIZ: Introduction to Perfect Competition
Course: Recommended Resources for AP Micro from FRE > Section: Unit 3: Production, Cost, and the Perfect Competition Model

Q: What is a key characteristic of a perfectly competitive market?
- Limited number of sellers
- High barriers to entry
- Identical products offered by many sellers
- Significant advertising by sellers
A: Identical products offered by many sellers

Q: What does the demand curve look like for an individual seller in a perfectly competitive market?
- Upward sloping
- Downward sloping
- Vertical (Upright)
- Horizontal (Flat)
A: Horizontal (Flat)

Q: In a perfectly competitive market, if a seller tries to charge more than the market price, what happens?
- They will increase their profits.
- They will sell all their products.
- They will not sell any product.
- They will become the market leader.
A: They will not sell any product.

Q: What determines the price in a perfectly competitive market?
- The individual seller
- The government
- Supply and demand
- The largest seller in the market
A: Supply and demand

Q: Which of the following markets is likely to be closest to perfect competition?
- Smartphone market
- Soybean market
- Automobile market
- Cable television market
A: Soybean market