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Homework answers / question archive / Question 1) 2 out of 2 points         A perfectly competitive firm should increase its level of production as long as               Question 2 0 out of 2 points         Assume a constant-cost industry that is initially in long-run competitive equilibrium

Question 1) 2 out of 2 points         A perfectly competitive firm should increase its level of production as long as               Question 2 0 out of 2 points         Assume a constant-cost industry that is initially in long-run competitive equilibrium

Economics

Question 1)

2 out of 2 points

   

 

 

A perfectly competitive firm should increase its level of production as long as

     
       
  • Question 2

0 out of 2 points

   

 

 

Assume a constant-cost industry that is initially in long-run competitive equilibrium. An increase in demand will cause a(n) __________ in prices and profits, and as a result, firms will __________ the industry, causing the market supply curve to shift __________, which, in turn, will eventually cause the equilibrium price to be __________ before.

     
       
  • Question 3

2 out of 2 points

   

 

 

Exhibit 23-3

(1)

(2)

(3)

Price

Quantity Sold

Total Cost

$8

40

$274

$8

41

$276

$8

42

$280

$8

43

$285

$8

44

$293

$8

45

$302

$8

46

$312

$8

47

$325

     



Refer to Exhibit 23-3. What is the increase in profit that would result from producing 43 units of the product rather than producing 40 units?

     
       
  • Question 4

2 out of 2 points

   

 

 

Exhibit 23-8



Refer to Exhibit 23-8. What is the total cost for Firm A at the profit-maximizing level of production?

 

     
       
  • Question 5

0 out of 2 points

   

 

 

Exhibit 23-8



Refer to Exhibit 23-8. What is the total variable cost of Firm A at the profit-maximizing level of production?Answer

     

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  • Question 6

2 out of 2 points

   

 

 

A "price taker" is a firm that

Answer

     
       
  • Question 7

2 out of 2 points

   

 

 

The price at which a perfectly competitive firm sells its product is determined by

Answer

     
       
  • Question 8

2 out of 2 points

   

 

 

In long-run competitive equilibrium, firms

Answer

     
       
  • Question 9

0 out of 2 points

   

 

 

For a price taker, market equilibrium price is $100. At 50 units, MR = MC, ATC = $80, and AVC = $70. This price taker will

Answer

     
       
  • Question 10

2 out of 2 points

   

 

 

In the short run, the best policy for a perfectly competitive firm is to

Answer

     
       
  • Question 11

0 out of 2 points

   

 

 

Exhibit 23-1

(1)

(2)

(3)


Price

Quantity Sold

Marginal Revenue

$12

100

 

$12

101

(A)

$12

102

(B)

$12

103

(C)

$12

104

(D)

     



Refer to Exhibit 23-1. The data in this table are relevant to a perfectly competitive firm because

     
       
  • Question 12

0 out of 2 points

   

 

 

At the quantity where total revenue equals total cost,

     
       
  • Question 13

0 out of 2 points

   

 

 

A perfectly competitive firm that wants to maximize profits or minimize losses will produce in the short run as long as

     
       
  • Question 14

2 out of 2 points

   

 

 

The perfectly competitive firm's short-run supply curve is that portion of its MC curve that lies above its AFC curve.

     
       
  • Question 15

0 out of 2 points

   

 

 

Exhibit 23-7
 



Refer to Exhibit 23-7. What is the profit at 60 units of output?

 

     
       
  • Question 16

2 out of 2 points

   

 

 

Does a real-world market have to meet all the assumptions of the theory of perfect competition before it is considered a perfectly competitive market?

     
       
  • Question 17

2 out of 2 points

   

 

 

In order for a firm to continue producing, price must exceed __________ and total revenue must exceed __________.

 

     
       
  • Question 18

0 out of 2 points

   

 

 

When the perfectly competitive firm produces the quantity of output at which marginal revenue equals marginal cost, it naturally

     
       
  • Question 19

2 out of 2 points

   

 

 

For a perfectly competitive firm, profit maximization or loss minimization occurs at the output at which

     
       
  • Question 20

0 out of 2 points

   

 

 

In long-run competitive equilibrium P = SRATC, because if P > SRATC

     
       
  • Question 21

2 out of 2 points

   

 

 

For the perfectly competitive firm, the demand curve and the marginal revenue curve are one and the same.

     
       
  • Question 22

0 out of 2 points

   

 

 

The perfectly competitive firm will shut down in the short run if price is

     
       
  • Question 23

0 out of 2 points

   

 

 

Equilibrium price is $19 in a perfectly competitive market. For a perfectly competitive firm, MR = MC at 120 units of output. At 120 units, ATC is $11, and AVC is $8. The best policy for this firm is to __________ in the short run. Also, this firm earns __________ of __________ if it produces and sells 120 units. Finally, the difference between total revenue and total fixed cost for this firm is __________.

     
       
  • Question 24

0 out of 2 points

   

 

 

In the theory of perfect competition, the market demand curve is __________ and the firm's demand curve is __________.

     
       
  • Question 25

2 out of 2 points

   

 

 

Which of the following is not an assumption of the theory of perfect competition?

     
       

 

 

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