CHOOSE THE CORRECT ANSWER If, for the last unit of a good produced by a perfectly competitive firm, MR>MC, then inproducing it the firm1.а.added more to total revenue than it added to total costs.b.is maximizing marginal profit.has minimized its losses.с.d.added more to total costs than it added to total revenue.A perfectly competitive firm in a constant-cost industry produces 3,000 units of a good ata total cost of $36,000. The prevailing market price is $15. What will happen to thenumber of firms in the industry and to the industry's output in the long run?The number of firms remains constant and the industry's output increases.The number of firms increases and the industry's output increases.The number of firms remains constant and the industry's output decreases.The number of firms decreases and the industry's output decreases.2.а.b.с.d.It would make no sense for an individual seller in perfect competition to sell at a pricelower than the market price because3.the seller can sell any quantity she wants at the prevailing market pricequantity demanded of the product would exceed the quantity suppliedthe sellers would start a price war.demand is perfectly inelastic.а.b.с.d.

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If, for the last unit of a good produced by a perfectly competitive firm, MR>MC, then in producing it the firm 1. added more to total revenue than it added to total costs. is maximizing marginal profit. has minimized its losses. а. b. с. d. added more to total costs than it added to total revenue.

If, for the last unit of a good produced by a perfectly competitive firm, MR>MC, then in producing it the firm 1. added more to total revenue than it added to total costs. is maximizing marginal profit. has minimized its losses. а. b. с. d. added more to total costs than it added to total revenue.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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