QUESTION 4 For a non-competitive firm with a demand curve P = 1800-2Q and marginal costs of MC = $200, how much is the equilibrium price (P*)? O $500 $750 O $1000 O $1250 QUESTION 5 For a non-competitive firm with a demand curve P = 1800-2Q and marginal costs of MC = $200, how much is the consumer surplus or net consumer value? O $160,000 $480,000 Ⓒ$560,000 O $620,000 1p 1 p

QUESTION 4 For a non-competitive firm with a demand curve P = 1800-2Q and marginal costs of MC = $200, how much is the equilibrium price (P*)? O $500 $750 O $1000 O $1250 QUESTION 5 For a non-competitive firm with a demand curve P = 1800-2Q and marginal costs of MC = $200, how much is the consumer surplus or net consumer value? O $160,000 $480,000 Ⓒ$560,000 O $620,000 1p 1 p

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

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.ll touch LTE 10:05 PM O 9 37% O A docs.google.com In a perfectly competitive market, what happens to a firm's profit-maximizing level of output if the price of the product falls? * Because the firm maximizes profit by setting marginal revenue equal to O marginal cost, an increase in the price of the product will reduce the firm's profit-maximizing level of output. Because the firm maximizes profit by setting marginal revenue equal to marginal cost, a decline in the price of the product will not affect the firm's profit-maximizing level of output. Because the firm maximizes profit by setting marginal revenue equal to marginal cost, a decline in the price of the product will reduce the firm's profit-maximizing level of output. Because the firm maximizes profit by setting marginal revenue equal to marginal cost, a decline in the price of the product will increase the firm's profit-maximizing level of output.
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