MC and MR Table 2.1: information Quantity MR MC $8.00 $6.00 $8.00 $7.00 3. $8.00 $8.00 4 $8.00 $9.00 $8.00 $10.00 Refer to Table 2.1. At an output level of 4 units, this competitive firm should production -in order to maximize profits. O decrease O No answer text provided. O No answer text provided. increase

MC and MR Table 2.1: information Quantity MR MC $8.00 $6.00 $8.00 $7.00 3. $8.00 $8.00 4 $8.00 $9.00 $8.00 $10.00 Refer to Table 2.1. At an output level of 4 units, this competitive firm should production -in order to maximize profits. O decrease O No answer text provided. O No answer text provided. increase

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In a perfectly competitive market, there are firms, all selling products. Select one: O a several large; differentiated O b. several large; nearly identical O c. many small; differentiated O d. many small; nearly identical
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QUESTION 22 What happens if a single firm in a perfectly competitive market raises its price above that charged by other firms? O a. It loses market share O b. Nothing happens because it has loyal customers O c. It goes out of business O d. It makes supernormal profit until other firms follow
A perfectly competitive firm that makes car batteries has total fixed costs of $10,000 per month. The market price at which it can sell its output is $100 per battery. The firm's minimum AVC Is $105 per battery. The firm is currently producing 500 batteries a month (the output level at which MR=MC). This firm is making a O loss, shut down O profit, shut down O profit: increase O loss; increase and should. production
Figure shows the cost structure of a firm in a perfectly competitive market. at the market price $30, the break-even output is: Р. $30-- $25 $13 $5 O a. 1,000 O b. 450 O c. 30 O d. 800 450 MC 800 1,000 AT AV
If a graph is used to compare total revenue and total cost of a perfectly competitive firm, then the horizontal axis of the graph will represent the and the vertical axis will represent OA. price, measured in dollars; quantity of goods produced O B. total costs measured in dollars; quantity of goods produced O C. quantity produced; both total revenue and total costs, measured in dollars. O D. quantity produced; total revenue and total variable costs, measured in dollars.
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Question 8 Use the cost chart: Assuming this firm competes in a perfectly competitive market. What is the profit (or loss, loss is a negative) when the price is $1.60. Cost Chart Q 0 5 10 15 20 25 30 35 40 Typed answer will be automatically saved. X₂ X² Ω· FC 10 10 10 10 10 10 10 10 10 Write your response here... VC Twos 0 3 7 12 18 25 33 42 52 TC 10 13 17 225755 28 35 43 62 AFC 0.67 0.29 AVC 0.60 0.70 0.90 1.00 1.10 ATC 2.60 1.47 1.43 1.49 MC 1.00 1.80 □
Mark all the correct results for perfect competition 8 correct 5 incorrect O in long run P is at the break even point O in the long run there is Productive efficiency OP- MR O MR = MC O in lông run P = ATC O P- MC OP> MC O there is not Productive efficiency O there is Allocative efficiency O P> MR O long run profits = 0 O in the long run positive economic profits is possible O there is not Allocative efficiency
$1q1 , MC 15 AC 11 10 AVC 40 The above figure shows the cost curves for a competitive firm. If the market price is $15 per unit, the firm will earn profits of O A. $4. O B. $160. OC. $40. 60468 20 tv MacBook Air 80 DII F3 F4 F6 F10 2# $ & 3 4 5 6 8 9 E T Y P G H J K C V command .. .- * 00 B R