Economic profit of $40
  • The principle that a firm should produce up to the point where the marginal revenue from the sale of an extra unit of output is equal to the marginal cost of producing it is known as the:
  • Assume the XYZ Corporation is producing 20 units of output. It is selling this output in a purely competitive market at $10 per unit. Its total fixed costs are $100 and its average variable cost is $3 at 20 units of output. This corporation:
  • A purely competitive firm should produce in the short run if its total revenue is sufficient to cover its:
  • Firms seek to maximize:
Elastic
  • Demand curve in a purely competitive industry is...
  • Demand curve in a single firm in that industry is...
  • In the short run, a purely competitive firm will always make an economic profit if:
  • Average revenue curve in purely competitive firm...
change in total revenue associated with the sale of one more unit of output.
  • Imperfect Competition
  • Marginal revenue is the:
  • Marginal revenue equals marginal costs applies to...
  • Average revenue curve in purely competitive firm...
upsloping and equal to the portion of the marginal cost curve that lies above the average variable cost curve.
  • A purely competitive seller is:
  • A purely competitive firm should produce in the short run if its total revenue is sufficient to cover its:
  • For a purely competitive seller, price equals...
  • A purely competitive firm's short-run supply curve is:
where total revenue exceeds total cost by the maximum amount.
  • In the short run, a purely competitive seller will shut down if:
  • In the short run, the individual competitive firm's supply curve is that segment of the:
  • In the short run, a purely competitive firm that seeks to maximize profit will produce:
  • In the short run, a purely competitive firm will always make an economic profit if:
Pure Monopoly
  • An industry comprised of a very large number of sellers producing a standardized product is known as:
  • In which of the following industry structures is the entry of new firms the most difficult?
  • Which of the following is characteristic of a purely competitive seller's demand curve?
  • In the short run, a purely competitive firm will always make an economic profit if:
Average revenue, marginal revenue, and total revenue divided by output.
  • A purely competitive firm's short-run supply curve is:
  • For a purely competitive seller, price equals...
  • A firm reaches a break-even point (normal profit position) where:
  • Firms demand schedule is also...
Oligopoly. Must take consideration of price.
  • The marginal revenue curve of a purely competitive firm:
  • In the short run, a purely competitive seller will shut down if:
  • In the short run, the individual competitive firm's supply curve is that segment of the:
  • Clear-cut mutual interdependence with respect to price-output policies.
The firm will not operate.
  • Marginal revenue equals marginal costs applies to...
  • If price is lower than a firm's minimum average variable cost...
  • The marginal revenue curve of a purely competitive firm:
  • In the short run, a purely competitive seller will shut down if:
Markets that don't have perfect competition
  • A purely competitive seller is:
  • Imperfect Competition
  • Marginal revenue is the:
  • A purely competitive firm's short-run supply curve is:
Average revenue schedule
  • Firms demand schedule is also...
  • A firm reaches a break-even point (normal profit position) where:
  • Firms seek to maximize:
  • For a purely competitive seller, price equals...
Price and marginal revenue are equal at all levels of output.
  • In which of the following industry structures is the entry of new firms the most difficult?
  • Which of the following is characteristic of a purely competitive seller's demand curve?
  • In the short run, a purely competitive seller will shut down if:
  • In the short run, a purely competitive firm that seeks to maximize profit will produce:
a "price taker."
  • Imperfect Competition
  • A purely competitive seller is:
  • A purely competitive firm should produce in the short run if its total revenue is sufficient to cover its:
  • A purely competitive firm's short-run supply curve is:
Horizontal
  • The marginal revenue curve of a purely competitive firm:
  • Marginal revenue equals marginal costs applies to...
  • Demand curve in a purely competitive industry is...
  • Average revenue curve in purely competitive firm...
Horizontal at the market price.
  • In the short run, a purely competitive seller will shut down if:
  • The marginal revenue curve of a purely competitive firm:
  • Average revenue curve in purely competitive firm...
  • Marginal revenue equals marginal costs applies to...
total variable costs.
  • A purely competitive seller is:
  • A purely competitive firm's short-run supply curve is:
  • A purely competitive firm should produce in the short run if its total revenue is sufficient to cover its:
  • An industry comprised of a very large number of sellers producing a standardized product is known as:
Pure Competition
  • A purely competitive firm should produce in the short run if its total revenue is sufficient to cover its:
  • In which of the following industry structures is the entry of new firms the most difficult?
  • An industry comprised of a very large number of sellers producing a standardized product is known as:
  • In the short run, a purely competitive firm will always make an economic profit if:
total profit.
  • A purely competitive seller is:
  • Firms demand schedule is also...
  • Firms seek to maximize:
  • Imperfect Competition
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