Homework Answers
The answer is c) marginal revenue minus marginal costs equals zero
This is because when marginal revenue equals marginal costs, the company can maximise its total revenue and we know profit maximisation is the goal of the firm. Hence the firm sets its output where marginal revenue minus marginal costs equals zero which means marginal profit equals zero.
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A firm sets its output where O marginal revenue minus marginal cost is greater than zero....
Afirm sets its output where O marginal revenue is zero. O opportunity cost is zero. O...
Afirm sets its output where O marginal revenue is zero. O opportunity cost is zero. O marginal profit is zero. O marginal cost is zero.
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.
To maximize profits, a firm should set its output where its is zero. O marginal cost...
To maximize profits, a firm should set its output where its is zero. O marginal cost O variable cost O marginal profit O marginal revenue
A firm should shut down only if is less than O revenue; avoidable cost marginal revenue;...
A firm should shut down only if is less than O revenue; avoidable cost marginal revenue; marginal cost O revenue; zero O marginal revenue; unavoidable cost
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
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
At a firm's current level of production, marginal revenue is greater than marginal cost (MR>MC).A profit-maximizing...
At a firm's current level of production, marginal revenue is greater than marginal cost (MR>MC).A profit-maximizing firm will increase prices. increase output decrease output. O shut down.
The monopolist chooses to produce: O at an inefficient outcome. where marginal cost equals marginal revenue....
The monopolist chooses to produce: O at an inefficient outcome. where marginal cost equals marginal revenue. at a lower quantity than the perfectly competitive firm. O All of these statements are true. In the short run, monopolistically competitive firms: will earn zero economic profits by acting like a monopolist. O can earn positive economic profits by acting like a perfectly competitive firm. will earn zero economic profits by acting like a perfectly competitive firm. can earn positive economic profits by...
18 20,21,22,23 Question 18 2 pts The marginal revenue received by a firm in a perfectly...
18 20,21,22,23
Question 18 2 pts The marginal revenue received by a firm in a perfectly competitive market: O is greater than the market price. O is equal to its average revenue. increases with the quantity of output sold. is less than the market price. Question 20 2 pts An individual firm in a perfectly competitive industry faces a demand curve with O unit elasticity O elasticity greater than zero but less than one. zero elasticity infinite elasticity Question 21...
(c)Average variable cost is falling as output rises if output is less than.. . . and...
(c)Average variable cost is falling as output rises if output is less than.. . . and rising as output rises if output is greater than............ (d) Marginal cost equals average variable cost when output is......... () The firm will supply zero output if the price is less than....... (f) The smlest positive amount that the firm will ever supply at any price is At . . . what price would the firm supply exactly 6 units of output? .. ....
Afirm sets its output where O marginal revenue is zero. O opportunity cost is zero. O marginal profit is zero. O marginal cost is zero.
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.
To maximize profits, a firm should set its output where its is zero. O marginal cost O variable cost O marginal profit O marginal revenue
A firm should shut down only if is less than O revenue; avoidable cost marginal revenue; marginal cost O revenue; zero O marginal revenue; unavoidable cost
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
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
At a firm's current level of production, marginal revenue is greater than marginal cost (MR>MC).A profit-maximizing firm will increase prices. increase output decrease output. O shut down.
The monopolist chooses to produce: O at an inefficient outcome. where marginal cost equals marginal revenue. at a lower quantity than the perfectly competitive firm. O All of these statements are true. In the short run, monopolistically competitive firms: will earn zero economic profits by acting like a monopolist. O can earn positive economic profits by acting like a perfectly competitive firm. will earn zero economic profits by acting like a perfectly competitive firm. can earn positive economic profits by...
18 20,21,22,23
Question 18 2 pts The marginal revenue received by a firm in a perfectly competitive market: O is greater than the market price. O is equal to its average revenue. increases with the quantity of output sold. is less than the market price. Question 20 2 pts An individual firm in a perfectly competitive industry faces a demand curve with O unit elasticity O elasticity greater than zero but less than one. zero elasticity infinite elasticity Question 21...
(c)Average variable cost is falling as output rises if output is less than.. . . and rising as output rises if output is greater than............ (d) Marginal cost equals average variable cost when output is......... () The firm will supply zero output if the price is less than....... (f) The smlest positive amount that the firm will ever supply at any price is At . . . what price would the firm supply exactly 6 units of output? .. ....
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