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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![B.Com.: SEM
43
per month a
40 each.
B.
3 39 and
Equilibrium of a Firm and Industry in Perfect Competition
Select the corect answer from the alternatives given and rewrite
the answer:
To maxim
A firm's equilibrium output is produced at a point
(a) MC = MR
(c) MC< MR
In the long-run all cost are
(a) fixed
(c) avoidable
3.
(b) MC> MR
a downwa2
al firm face
(b) variable
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
4.
dities in Ind
If a firm in a perfectly competitive market doubles the number of
units of output sold, then total revenue will
(a) More than triple
(c) Exactly double
5.
(b) Halve
(d) Remain constant
profit, norm
Sellers will have little reason to charge less than the going market
price because
(a) There will be few buyers in the market
(b) There will be few sellers in the market
y.
nd TVC for
costs.
(c) Buyers will have greater advantage
(d) Goods sold are homogenous
6.
earn differe
A firm in perfect competition, might decide to set its price below the
market 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 correct
7.
tial Cost
8x100
Suppose a firm in a competitive market produces and sells 100 units
of output and has a marginal revenue of 8.00, What would be the
firm's total revenue if it instead produces and sold 200 units of output?
(a) 1600.00
(Yマ800.00
If a firm in perfect competition earns 1000 in total revenue and has
marginal revenue of 10. What is the average revenue per unit, and
how many units were sold ?
(a) マ5 and 50
(c) 10 and 50
(b) マ1000.00
(d) 2000.00
nder perfe
(b) 5 and 100
(d) 10 and 100](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe645b740-f1fc-4f93-b504-edecbd6a797c%2F55f53824-cf19-48ed-a554-8eeddc96c91b%2F2nelnbk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:B.Com.: SEM
43
per month a
40 each.
B.
3 39 and
Equilibrium of a Firm and Industry in Perfect Competition
Select the corect answer from the alternatives given and rewrite
the answer:
To maxim
A firm's equilibrium output is produced at a point
(a) MC = MR
(c) MC< MR
In the long-run all cost are
(a) fixed
(c) avoidable
3.
(b) MC> MR
a downwa2
al firm face
(b) variable
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
4.
dities in Ind
If a firm in a perfectly competitive market doubles the number of
units of output sold, then total revenue will
(a) More than triple
(c) Exactly double
5.
(b) Halve
(d) Remain constant
profit, norm
Sellers will have little reason to charge less than the going market
price because
(a) There will be few buyers in the market
(b) There will be few sellers in the market
y.
nd TVC for
costs.
(c) Buyers will have greater advantage
(d) Goods sold are homogenous
6.
earn differe
A firm in perfect competition, might decide to set its price below the
market 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 correct
7.
tial Cost
8x100
Suppose a firm in a competitive market produces and sells 100 units
of output and has a marginal revenue of 8.00, What would be the
firm's total revenue if it instead produces and sold 200 units of output?
(a) 1600.00
(Yマ800.00
If a firm in perfect competition earns 1000 in total revenue and has
marginal revenue of 10. What is the average revenue per unit, and
how many units were sold ?
(a) マ5 and 50
(c) 10 and 50
(b) マ1000.00
(d) 2000.00
nder perfe
(b) 5 and 100
(d) 10 and 100
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