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The market demand and market supply functions for a perfectly competitive market are given below: Qd = 400 - P Qs = 4P 1) What is the marginal revenue for each firm? A. MR=$400 B. MR=$0 C. MR=$80 D. MR=$4 2) If there are 160 identical firms in the market, each firm produces _____ A. 320 B. 160 C. 2 D. 80 3) If there are 160 identical firms in each market, total revenue for each firm is A. $25,600 B. $16,000 C. $160 D. $12,800 4) Suppose there are 160 identical firms in the market and each firm's total cost at equilibrium is given as $140. Calculate firm profit. A. $20 B. $0 C. $140 D. $25,460

The market demand and market supply functions for a perfectly competitive market are given below: Qd = 400 - P Qs = 4P 1) What is the marginal revenue for each firm? A. MR=$400 B. MR=$0 C. MR=$80 D. MR=$4 2) If there are 160 identical firms in the market, each firm produces _____ A. 320 B. 160 C. 2 D. 80 3) If there are 160 identical firms in each market, total revenue for each firm is A. $25,600 B. $16,000 C. $160 D. $12,800 4) Suppose there are 160 identical firms in the market and each firm's total cost at equilibrium is given as $140. Calculate firm profit. A. $20 B. $0 C. $140 D. $25,460

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The market demand and market supply functions for a perfectly competitive market are given below:

Qd = 400 - P
Qs = 4P

1) What is the marginal revenue for each firm?

A. MR=$400

B. MR=$0

C. MR=$80

D. MR=$4

2) If there are 160 identical firms in the market, each firm produces _____

A. 320

B. 160

C. 2

D. 80

3) If there are 160 identical firms in each market, total revenue for each firm is

A. $25,600

B. $16,000

C. $160

D. $12,800

4) Suppose there are 160 identical firms in the market and each firm's total cost at equilibrium is given as $140. Calculate firm profit.

A. $20

B. $0

C. $140

D. $25,460

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