Question 37Total profit equals:A. TR - RTE.B. TR- (AVC x Q).C. AR - (AC/Q).D. AR - (TVC/Q).E. TR- (AC xQ).Question 38Normal profit implies that:A. economic profit is zero.B. all factors employed are earning an amount equal to their opportunity costs.C. firms are earning enough to cover all the costs of productionD. price must be greater than average variable cost.E. all of the above are correct.Question 39Which of the following is NOT a characteristic of perfect competition in the short run?A. All firms are price takers.B. All firms produce where average costs are minimised.C. The equilibrium level of output occurs where marginal cost equalls marginal revenue.D. All buyers and sellers have perfect knowledge of market conditions.E. All sellers act independently of each other.Question 40The market supply curve for a perfectly competitive industry is:A. the horizontal sum of the constituent firms' MC curves above minimum MC.B. the horizontal sum of the constituent firms' MC curves above minimum AVC.C. the horizontal sum of the constituent firms' MC curves above minimum AC.D. the horizontal sum of the constituent firms' AVC curves above minimum AVC.E. the horizontal sum of the constituent firms' AC curves above minimum MC.

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Total profit equals: A. TR-RTF. B. TR-(AVC x Q). C. AR - (AC/Q). D. AR- (TVC/Q). E. TR-(AC xQ). Question 38

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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