Homework Answers
If the marginal revenue of the firm is less than the marginal cost then the firm will raise the price to increase its profit, As for a perfectly competitive market the MC and MR will be equal in the equilibrium. the answer is "A".
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If a perfectly competitive firm's marginal revenue was less than its marginal cost, u it would...
If a perfectly competitive firm's marginal revenue is greater than its marginal cost, the firm O...
If a perfectly competitive firm's marginal revenue is greater than its marginal cost, the firm O A. must be making an economic profit O B. will increase its output to increase economic profit. O c. will decrease its output to increase economic profit. OD. cannot increase its economic profit O E. will lower the price.
Question 1 For a monopolist? Select one: a. all of the above are true. b. existing...
Question 1 For a monopolist? Select one: a. all of the above are true. b. existing economic profits can be sustained over time. c. its demand curve is downward sloping. d. its marginal revenue is less than price. Question 2. For a natural monopoly, which of the following is false? Select one: a. It is more efficient to have a single firm produce the good. b. One large firm can produce at lower cost than two or more smaller firms....
15. When marginal cost is less than average total cost, a. marginal cost must be falling....
15. When marginal cost is less than average total cost, a. marginal cost must be falling. b. average variable cost must be falling. c. average total cost is falling. d. average total cost is rising. 16. Which of the following is not a characteristic of a competitive market? a. Buyers and sellers are price takers. b. Each firm sells a virtually identical product. c. Entry is limited d. Each firm chooses an output level that maximizes profits. 17. If a...
Consider the following total cost schedule for a perfectly competitive firm producing ball-point pens. Suppose the...
Consider the following total cost schedule for a perfectly competitive firm producing ball-point pens. Suppose the prevailing market price for this firm's product is $0.14 and the firm is currently producing 20 units of output. This competitive firm wishing to maximize its profit would Output per period TVC (S) TFC (S) 0 0 10 25 20 30 6 5 40 10 5 50 15 3. Increase output because marginal revenue is greater than marginal cost b. produce zero output because...
The demand curve for a perfectly competitive firm options: is upward sloping. is perfectly horizontal. is...
The demand curve for a perfectly competitive firm options: is upward sloping. is perfectly horizontal. is perfectly vertical. maybe downward or upward sloping, depending upon the type of product offered for sale. In the short run, the best policy for a perfectly competitive firm is to Question 17 options: shut down its operation if the price ever falls below average total cost. produce and sell its product as long as price is greater than average variable cost. shut down its...
74. If a perfectly competitive firm’s marginal cost of producing and selling the 100th unit of...
74. If a perfectly competitive firm’s marginal cost of producing and selling the 100th unit of good X is $20 and the market price for good X is $30, then the firm will Group of answer choices increase its profits by producing more than 100 units of good X. decrease its profits by producing more than 100 units of good X. increase its profits by producing less than 100 units of good X. maximize its profits by producing exactly 100...
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of...
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of $200,000 per year when producing 1,000 units of output per year. In this case its average revenue is $200 and its marginal revenue is __ zero. also $200 less than $200. O greater than $200 Question 32 2.5 pts 32. In a perfectly competitive industry, the market price of the product is $12.Firm A is producing the output at which average total cost equals...
Question 15 For a perfectly competitive firm, price is less than marginal revenue at all output...
Question 15 For a perfectly competitive firm, price is less than marginal revenue at all output levels price exceeds marginal revenue at all output levels price is less than marginal revenue only at the profit-maximizing quantity price equals marginal revenue only at the profit-maximizing quantity price equals marginal revenue at all output levels
For a perfectly competitive firm, marginal revenue equals marginal cost at 250 units of output. At...
For a perfectly competitive firm, marginal revenue equals marginal cost at 250 units of output. At 250 units, price is greater than average variable cost. It necessarily follows that the Select one: a. marginal cost curve must have an upward-sloping portion and a downward-sloping portion. b. firm must be earning a profit. c. firm should continue to produce in the short run. d. firm should shut down its operation in the short run Next page Seo w
At a firm's current level of production, marginal revenue is less than marginal cost (MR<MC). A...
At a firm's current level of production, marginal revenue is less than marginal cost (MR<MC). A profit- maximizing firm will decrease prices. increase output O decrease output. shut down.
If a perfectly competitive firm's marginal revenue is greater than its marginal cost, the firm O A. must be making an economic profit O B. will increase its output to increase economic profit. O c. will decrease its output to increase economic profit. OD. cannot increase its economic profit O E. will lower the price.
15. When marginal cost is less than average total cost, a. marginal cost must be falling. b. average variable cost must be falling. c. average total cost is falling. d. average total cost is rising. 16. Which of the following is not a characteristic of a competitive market? a. Buyers and sellers are price takers. b. Each firm sells a virtually identical product. c. Entry is limited d. Each firm chooses an output level that maximizes profits. 17. If a...
Consider the following total cost schedule for a perfectly competitive firm producing ball-point pens. Suppose the prevailing market price for this firm's product is $0.14 and the firm is currently producing 20 units of output. This competitive firm wishing to maximize its profit would Output per period TVC (S) TFC (S) 0 0 10 25 20 30 6 5 40 10 5 50 15 3. Increase output because marginal revenue is greater than marginal cost b. produce zero output because...
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of $200,000 per year when producing 1,000 units of output per year. In this case its average revenue is $200 and its marginal revenue is __ zero. also $200 less than $200. O greater than $200 Question 32 2.5 pts 32. In a perfectly competitive industry, the market price of the product is $12.Firm A is producing the output at which average total cost equals...
Question 15 For a perfectly competitive firm, price is less than marginal revenue at all output levels price exceeds marginal revenue at all output levels price is less than marginal revenue only at the profit-maximizing quantity price equals marginal revenue only at the profit-maximizing quantity price equals marginal revenue at all output levels
For a perfectly competitive firm, marginal revenue equals marginal cost at 250 units of output. At 250 units, price is greater than average variable cost. It necessarily follows that the Select one: a. marginal cost curve must have an upward-sloping portion and a downward-sloping portion. b. firm must be earning a profit. c. firm should continue to produce in the short run. d. firm should shut down its operation in the short run Next page Seo w
At a firm's current level of production, marginal revenue is less than marginal cost (MR<MC). A profit- maximizing firm will decrease prices. increase output O decrease output. shut down.
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