B.Com.: SEM43per month a40 each.B.3 39 andEquilibrium of a Firm and Industry in Perfect CompetitionSelect the corect answer from the alternatives given and rewritethe answer:To maximA firm's equilibrium output is produced at a point(a) MC = MR(c) MC< MRIn the long-run all cost are(a) fixed(c) avoidable3.(b) MC> MRa downwa2al firm face(b) variableIn perfect competition, the actions of an individual buyer or seller will(a) Have no impact on the market price(b) Have some impact on production(c) Have a significant impact on market supply(d) Have a significant impact on market demand4.dities in IndIf a firm in a perfectly competitive market doubles the number ofunits of output sold, then total revenue will(a) More than triple(c) Exactly double5.(b) Halve(d) Remain constantprofit, normSellers will have little reason to charge less than the going marketprice because(a) There will be few buyers in the market(b) There will be few sellers in the markety.nd TVC forcosts.(c) Buyers will have greater advantage(d) Goods sold are homogenous6.earn differeA firm in perfect competition, might decide to set its price below themarket price, because(a) This would result in higher total revenue(b) This would result in higher profits(c) This would result in lower marginal cost(d) None of the above is correct7.tial Cost8x100Suppose a firm in a competitive market produces and sells 100 unitsof output and has a marginal revenue of 8.00, What would be thefirm's total revenue if it instead produces and sold 200 units of output?(a) 1600.00(Yマ800.00If a firm in perfect competition earns 1000 in total revenue and hasmarginal revenue of 10. What is the average revenue per unit, andhow many units were sold ?(a) マ5 and 50(c) 10 and 50(b) マ1000.00(d) 2000.00nder perfe(b) 5 and 100(d) 10 and 100

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Select the correct answer from the alternatives given and rewrite B. the answer: 1. A firm's equilibrium output is produced at a point MC MR (a) (c) MC < MR In the long-run all cost are (b) МС> MR 2. (a) fixed (c) avoidable 3. In perfect competition, the actions of an individual buyer or seller will (a) Have no impact on the market price (b) Have some impact on production (c) Have a significant impact on market supply (d) Have a significant impact on market demand (b) variable

Select the correct answer from the alternatives given and rewrite B. the answer: 1. A firm's equilibrium output is produced at a point MC MR (a) (c) MC < MR In the long-run all cost are (b) МС> MR 2. (a) fixed (c) avoidable 3. In perfect competition, the actions of an individual buyer or seller will (a) Have no impact on the market price (b) Have some impact on production (c) Have a significant impact on market supply (d) Have a significant impact on market demand (b) variable

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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