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ECON 102 Economics 2 – Microeconomics Quiz 9

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In maximizing profit a firm will always produce that output where total revenues are at a maximum.

Refer to the above diagram for a purely competitive producer. The firm's short-run supply curve is:

Firms seek to maximize: Select one:

If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its marginal revenue:

Answer the next question(s) on the basis of the following cost data for a purely competitive

Answer the next question(s) on the basis of the following cost data for a purely competitive seller:

The MR = MC rule can be restated for a purely competitive seller as P = MC because

 

Assume a purely competitive firm is selling 200 units of output at $3 each. At this output its total fixed cost is $100 and its total variable cost is $350. This firm:

After all long-run adjustments have been completed, a firm in a competitive industry will produce that level of output where average total cost is at a minimum.

Answer the next question(s) on the basis of the following cost data for a firm that is selling in a purely competitive market.

In the short run a purely competitive firm that seeks to maximize profit will produce: Select one:

Refer to the above diagram. If the firm produced D units of output at price G, it would earn a normal profit.

Because the equilibrium position of a purely competitive seller entails an equality of price and marginal costs, competition produces up to an efficient allocation of economic resources.

Refer to the above diagram. At any price below R the firm will shut down in the short run.

Suppose a purely competitive increasing-cost industry is in long-run equilibrium. Now assume that a decrease in consumer demand occurs. After all resulting adjustments have been completed, the new equilibrium price:

Which of the following would not be expected to occur in a purely competitive market in long-run equilibrium?

Refer to the above diagram. At output level Q1: Select one:

Suppose that at 500 units of output marginal revenue is equal to marginal cost. The firm is selling its output at $5 per unit and average total cost at 500 units of output is $6. On the basis of this information we:

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