تكلم مع الذكاء الاصطناعي
Deck 11: Firms in Perfectly Competitive Markets
ملء الشاشة (f)
سؤال
Exhibit
-Refer to Exhibit. In Graph A, the market demand has increased from d0 to d1, and as a result:
A)both the market price and the price of the price-taking firm have risen to $6.
B)both the market price and the price of the price-taking firm have fallen to $5.
C)the quantity of goods transacted in the market has fallen from Q1 to Q0.
D)at the new equilibrium price, the firm will be unable to sell any of its output.
-Refer to Exhibit. In Graph A, the market demand has increased from d0 to d1, and as a result:
A)both the market price and the price of the price-taking firm have risen to $6.
B)both the market price and the price of the price-taking firm have fallen to $5.
C)the quantity of goods transacted in the market has fallen from Q1 to Q0.
D)at the new equilibrium price, the firm will be unable to sell any of its output.
سؤال
Exhibit
-Refer to Exhibit. In Graph B, the market demand has decreased from d0 to d1, and as a result:
A)both the market price and the price of the price-taking firm have increased to $5.
B)both the market price and the price of the price-taking firm have fallen to $4.
C)the quantity of goods transacted in the market has fallen from Q1 to Q0.
D)at the new equilibrium price, the firm will be unable to sell any of its output.
-Refer to Exhibit. In Graph B, the market demand has decreased from d0 to d1, and as a result:
A)both the market price and the price of the price-taking firm have increased to $5.
B)both the market price and the price of the price-taking firm have fallen to $4.
C)the quantity of goods transacted in the market has fallen from Q1 to Q0.
D)at the new equilibrium price, the firm will be unable to sell any of its output.
سؤال
Exhibit
-Refer to Exhibit. Graphs A and B together demonstrate the effect that a change in market demand has on the demand curve faced by a firm that is:
A)producing a homogeneous product.
B)very small relative to the market output as a whole.
C)a price taker.
D)all of the above.
-Refer to Exhibit. Graphs A and B together demonstrate the effect that a change in market demand has on the demand curve faced by a firm that is:
A)producing a homogeneous product.
B)very small relative to the market output as a whole.
C)a price taker.
D)all of the above.
سؤال
Exhibit
-Refer to Exhibit. When the market price equals $54, the firm:?should continue operating temporarily despite an economic loss because the firm is able to cover a portion of its fixed costs.
A)should shut down.
B)should continue operating temporarily despite an economic loss because the firm is able to cover all of its variable costs.
C)should continue operating temporarily despite an economic loss because the firm is able to cover a portion of its fixed costs.
D)should continue operating because the firm is making a profit.
-Refer to Exhibit. When the market price equals $54, the firm:?should continue operating temporarily despite an economic loss because the firm is able to cover a portion of its fixed costs.
A)should shut down.
B)should continue operating temporarily despite an economic loss because the firm is able to cover all of its variable costs.
C)should continue operating temporarily despite an economic loss because the firm is able to cover a portion of its fixed costs.
D)should continue operating because the firm is making a profit.
سؤال
Exhibit
-Refer to Exhibit. Suppose the market price equals $88 and the firm is currently producing 600 units of output. In this situation, the firm:?
A)is maximizing profit.
B)should increase production of output in order to maximize profit.
C)should decrease production of output in order to maximize profit.
D)should shut down in order to minimize economic losses.
-Refer to Exhibit. Suppose the market price equals $88 and the firm is currently producing 600 units of output. In this situation, the firm:?
A)is maximizing profit.
B)should increase production of output in order to maximize profit.
C)should decrease production of output in order to maximize profit.
D)should shut down in order to minimize economic losses.
سؤال
Exhibit
-Refer to Exhibit. Graph B exhibits a price-taking firm:
A)which will lose money when the market price equals $4.90.
B)which will make an economic profit when the market price equals $4.90.
C)which will break even when the market price equals $4.90.
D)which will shut down when the market price equals $4.90.
-Refer to Exhibit. Graph B exhibits a price-taking firm:
A)which will lose money when the market price equals $4.90.
B)which will make an economic profit when the market price equals $4.90.
C)which will break even when the market price equals $4.90.
D)which will shut down when the market price equals $4.90.
سؤال
Exhibit
-Refer to Exhibit. Total revenue for the firm in Graph A equals:?
A)$40.
B)$80.
C)$320.
D)$400.
-Refer to Exhibit. Total revenue for the firm in Graph A equals:?
A)$40.
B)$80.
C)$320.
D)$400.
سؤال
What is the maximum amount of profit the perfectly competitive firm depicted below could earn in the short run? 
A)$900
B)$1,120
C)$1,260
D)$2,000
A)$900
B)$1,120
C)$1,260
D)$2,000
سؤال
Exhibit
-Refer to Exhibit. What is the value of the variable Z shown in the table?
A)$0
B)-$38
C)-$35
D)-$40
-Refer to Exhibit. What is the value of the variable Z shown in the table?
A)$0
B)-$38
C)-$35
D)-$40
سؤال
Exhibit
-Refer to Exhibit. The lowest price at which the firm can earn at least zero economic profit is:?
A)$60.
B)$45.
C)$30.
D)$10.
-Refer to Exhibit. The lowest price at which the firm can earn at least zero economic profit is:?
A)$60.
B)$45.
C)$30.
D)$10.
سؤال
Exhibit
-Refer to Exhibit. In the short run, if the market price falls below ____, the firm should shut down.
A)$60
B)$45
C)$30
D)$10
-Refer to Exhibit. In the short run, if the market price falls below ____, the firm should shut down.
A)$60
B)$45
C)$30
D)$10
سؤال
Exhibit
-Refer to Exhibit. In the short run, if the market price falls to $40 per unit, the firm should:
A)shut down temporarily.
B)shut down permanently.
C)continue to operate, because it is earning an economic profit.
D)continue to operate temporarily, because it is minimizing losses by doing so.
-Refer to Exhibit. In the short run, if the market price falls to $40 per unit, the firm should:
A)shut down temporarily.
B)shut down permanently.
C)continue to operate, because it is earning an economic profit.
D)continue to operate temporarily, because it is minimizing losses by doing so.
سؤال
Exhibit
-Refer to Exhibit. The firm's short-run supply curve corresponds to which segment of the marginal cost curve in the diagram?
A)ABCDE
B)BCDE
C)CDE
D)DE
-Refer to Exhibit. The firm's short-run supply curve corresponds to which segment of the marginal cost curve in the diagram?
A)ABCDE
B)BCDE
C)CDE
D)DE
سؤال
Exhibit
-Refer to Exhibit. If P represents the market price for a price-taking firm, the best course of action in the short run for the firm is to:
A)shut down immediately.
B)continue operating because average total cost exceeds price.
C)continue operating because price exceeds average total cost.
D)continue operating because price exceeds average variable cost.
-Refer to Exhibit. If P represents the market price for a price-taking firm, the best course of action in the short run for the firm is to:
A)shut down immediately.
B)continue operating because average total cost exceeds price.
C)continue operating because price exceeds average total cost.
D)continue operating because price exceeds average variable cost.
سؤال
Exhibit
-Refer to Exhibit. The short run ____ for this firm is represented by the area of ____.?
A)profit; OP1Bq
B)loss; OP1Bq
C)profit; PABP1
D)loss; PABP1
-Refer to Exhibit. The short run ____ for this firm is represented by the area of ____.?
A)profit; OP1Bq
B)loss; OP1Bq
C)profit; PABP1
D)loss; PABP1
سؤال
Exhibit
-Refer to Exhibit. When market price is $15, a profit-maximizing firm's short-run profits are:?
A)$0
B)$45
C)$12
D)$33
-Refer to Exhibit. When market price is $15, a profit-maximizing firm's short-run profits are:?
A)$0
B)$45
C)$12
D)$33
سؤال
Exhibit
-Refer to Exhibit. In the short run, if the market price is higher than $5 but less than $10, the competitive firm will earn:?
A)positive economic profits.
B)zero economic profits.
C)economic losses but will not shut down.
D)economic losses and will shut down.
-Refer to Exhibit. In the short run, if the market price is higher than $5 but less than $10, the competitive firm will earn:?
A)positive economic profits.
B)zero economic profits.
C)economic losses but will not shut down.
D)economic losses and will shut down.
سؤال
Exhibit
-Refer to Exhibit. In the short-run, if the market price is higher than $10, the competitive firm will earn:
A)positive economic profits.
B)zero economic profits.
C)losses but will not shut down.
D)losses and will shut down.
-Refer to Exhibit. In the short-run, if the market price is higher than $10, the competitive firm will earn:
A)positive economic profits.
B)zero economic profits.
C)losses but will not shut down.
D)losses and will shut down.
سؤال
Exhibit
-Refer to Exhibit 12.7. In the short-run, if the market price is $10, the competitive firm will earn:?
A)positive economic profits.
B)zero economic profits.
C)economic losses but will not shut down.
D)economic losses and will shut down.
-Refer to Exhibit 12.7. In the short-run, if the market price is $10, the competitive firm will earn:?
A)positive economic profits.
B)zero economic profits.
C)economic losses but will not shut down.
D)economic losses and will shut down.
سؤال
Exhibit
-Refer to Exhibit 12.7. In the short-run, if the market price is less than $5, the competitive firm will earn:?
A)positive economic profits.
B)zero economic profits.
C)economic losses but will not shut down.
D)economic losses and will shut down.
-Refer to Exhibit 12.7. In the short-run, if the market price is less than $5, the competitive firm will earn:?
A)positive economic profits.
B)zero economic profits.
C)economic losses but will not shut down.
D)economic losses and will shut down.
سؤال
Exhibit
-Refer to Figure 12.7. At what price would other firm be encouraged to enter this market?
A)any price greater than $5.
B)any price greater than $6.
C)any price greater than $7.
D)any price greater than $10.
-Refer to Figure 12.7. At what price would other firm be encouraged to enter this market?
A)any price greater than $5.
B)any price greater than $6.
C)any price greater than $7.
D)any price greater than $10.
سؤال
?Exhibit
-Refer to Exhibit. When the market price is $2, a competitive profit-maximizing firm's total revenue is:?
A)$21.
B)$6.
C)$3.
D)$12.50.
-Refer to Exhibit. When the market price is $2, a competitive profit-maximizing firm's total revenue is:?
A)$21.
B)$6.
C)$3.
D)$12.50.
سؤال
?Exhibit
-Refer to Exhibit. When market price is $2, a competitive profit-maximizing firm's total cost is:?
A)$6.
B)$21.
C)$3.
D)$12.50.
-Refer to Exhibit. When market price is $2, a competitive profit-maximizing firm's total cost is:?
A)$6.
B)$21.
C)$3.
D)$12.50.
سؤال
?Exhibit
-Refer to Exhibit. Competitive firms will earn positive economic profits in the short run when the market price
A)is less than $2
B)is greater than $1.
C)is equal to $2.
D)is greater than $2.
-Refer to Exhibit. Competitive firms will earn positive economic profits in the short run when the market price
A)is less than $2
B)is greater than $1.
C)is equal to $2.
D)is greater than $2.
سؤال
?Exhibit
-Refer to Exhibit. When market price is $2, a profit-maximizing competitive firm's profit is?
A)$12.50.
B)$2.25.
C)$3.
D)$0.
-Refer to Exhibit. When market price is $2, a profit-maximizing competitive firm's profit is?
A)$12.50.
B)$2.25.
C)$3.
D)$0.
سؤال
?Exhibit
-Refer to Exhibit. Competitive firms will operate at an economic loss and will shut down in the short run if the market price?
A)is greater than $3.
B)is less than $2 but greater than $1.
C)is less than $3 but greater than $2.
D)is less than $1.
-Refer to Exhibit. Competitive firms will operate at an economic loss and will shut down in the short run if the market price?
A)is greater than $3.
B)is less than $2 but greater than $1.
C)is less than $3 but greater than $2.
D)is less than $1.
سؤال
?Exhibit
-Refer to Exhibit. Competitive firms will operate at an economic loss but not shut down in the short run if the market price?
A)is greater than $3.
B)is less than $2 but greater than $1.
C)is less than $3 but greater than $2.
D)Is less than $1.
-Refer to Exhibit. Competitive firms will operate at an economic loss but not shut down in the short run if the market price?
A)is greater than $3.
B)is less than $2 but greater than $1.
C)is less than $3 but greater than $2.
D)Is less than $1.
سؤال
?Exhibit
-Refer to Exhibit. Other firms will have an incentive to enter this market when the price exceeds
A)$1
B)$1.25.
C)$2
D)$0
-Refer to Exhibit. Other firms will have an incentive to enter this market when the price exceeds
A)$1
B)$1.25.
C)$2
D)$0
سؤال
Exhibit
The figure shows the price, marginal cost, and average cost curves of a perfectly competitive firm.
-Refer to Exhibit. The firm depicted above should:
A)shut down in order to minimize losses.
B)keep operating in the short run in order to minimize losses, since price exceeds average variable cost.
C)keep operating in the short run in order to minimize losses, since price exceeds average total cost.
D)decrease output to 30 units, since marginal revenue exceeds marginal cost by the greatest dollar amount at that level of output.
The figure shows the price, marginal cost, and average cost curves of a perfectly competitive firm.
-Refer to Exhibit. The firm depicted above should:
A)shut down in order to minimize losses.
B)keep operating in the short run in order to minimize losses, since price exceeds average variable cost.
C)keep operating in the short run in order to minimize losses, since price exceeds average total cost.
D)decrease output to 30 units, since marginal revenue exceeds marginal cost by the greatest dollar amount at that level of output.
سؤال
?Exhibit
The long-run total cost schedule of a perfectly competitive firm that produces walnuts is as follows:
?
-Refer to Exhibit. If input costs are constant and there are no barriers to entry, the long-run equilibrium price of a pound of walnuts will be about:
A)$2.00
B)$2.20.
C)$2.50.
D)$2.75.
The long-run total cost schedule of a perfectly competitive firm that produces walnuts is as follows:
?
-Refer to Exhibit. If input costs are constant and there are no barriers to entry, the long-run equilibrium price of a pound of walnuts will be about:
A)$2.00
B)$2.20.
C)$2.50.
D)$2.75.
سؤال
?Exhibit
The long-run total cost schedule of a perfectly competitive firm that produces walnuts is as follows:
?
-Refer to Exhibit. The average total cost of producing 6,000 pounds of walnuts in the long run is:?
A)$2.00
B)$2.20.
C)$2.50.
D)$2.75.
The long-run total cost schedule of a perfectly competitive firm that produces walnuts is as follows:
?
-Refer to Exhibit. The average total cost of producing 6,000 pounds of walnuts in the long run is:?
A)$2.00
B)$2.20.
C)$2.50.
D)$2.75.
سؤال
?Exhibit
-Refer to Exhibit. The firm is now able to sell more of its lawn care services at a higher price and as a result will be able to earn economic profits:?
A)in the short run only.
B)in the long run.
C)as long as it keeps its costs constant.
D)at no time. Perfectly competitive firms always earn zero economic profits.
-Refer to Exhibit. The firm is now able to sell more of its lawn care services at a higher price and as a result will be able to earn economic profits:?
A)in the short run only.
B)in the long run.
C)as long as it keeps its costs constant.
D)at no time. Perfectly competitive firms always earn zero economic profits.
سؤال
سؤال
سؤال
Exhibit
The following table shows how the total cost of producing canisters of peanuts varies with output and capital in the long run in a perfectly competitive industry.
-Refer to Exhibit. What levels of capital (K=1, K=2, or K=3) would the firm choose in the long run for producing three canisters and five canisters of peanuts per hour, respectively?
The following table shows how the total cost of producing canisters of peanuts varies with output and capital in the long run in a perfectly competitive industry.
-Refer to Exhibit. What levels of capital (K=1, K=2, or K=3) would the firm choose in the long run for producing three canisters and five canisters of peanuts per hour, respectively?
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العب
ملء الشاشة (f)
Deck 11: Firms in Perfectly Competitive Markets
1
Exhibit
-Refer to Exhibit. In Graph A, the market demand has increased from d0 to d1, and as a result:
A)both the market price and the price of the price-taking firm have risen to $6.
B)both the market price and the price of the price-taking firm have fallen to $5.
C)the quantity of goods transacted in the market has fallen from Q1 to Q0.
D)at the new equilibrium price, the firm will be unable to sell any of its output.
-Refer to Exhibit. In Graph A, the market demand has increased from d0 to d1, and as a result:
A)both the market price and the price of the price-taking firm have risen to $6.
B)both the market price and the price of the price-taking firm have fallen to $5.
C)the quantity of goods transacted in the market has fallen from Q1 to Q0.
D)at the new equilibrium price, the firm will be unable to sell any of its output.
both the market price and the price of the price-taking firm have risen to $6.
2
Exhibit
-Refer to Exhibit. In Graph B, the market demand has decreased from d0 to d1, and as a result:
A)both the market price and the price of the price-taking firm have increased to $5.
B)both the market price and the price of the price-taking firm have fallen to $4.
C)the quantity of goods transacted in the market has fallen from Q1 to Q0.
D)at the new equilibrium price, the firm will be unable to sell any of its output.
-Refer to Exhibit. In Graph B, the market demand has decreased from d0 to d1, and as a result:
A)both the market price and the price of the price-taking firm have increased to $5.
B)both the market price and the price of the price-taking firm have fallen to $4.
C)the quantity of goods transacted in the market has fallen from Q1 to Q0.
D)at the new equilibrium price, the firm will be unable to sell any of its output.
both the market price and the price of the price-taking firm have fallen to $4.
3
Exhibit
-Refer to Exhibit. Graphs A and B together demonstrate the effect that a change in market demand has on the demand curve faced by a firm that is:
A)producing a homogeneous product.
B)very small relative to the market output as a whole.
C)a price taker.
D)all of the above.
-Refer to Exhibit. Graphs A and B together demonstrate the effect that a change in market demand has on the demand curve faced by a firm that is:
A)producing a homogeneous product.
B)very small relative to the market output as a whole.
C)a price taker.
D)all of the above.
all of the above.
4
Exhibit
-Refer to Exhibit. When the market price equals $54, the firm:?should continue operating temporarily despite an economic loss because the firm is able to cover a portion of its fixed costs.
A)should shut down.
B)should continue operating temporarily despite an economic loss because the firm is able to cover all of its variable costs.
C)should continue operating temporarily despite an economic loss because the firm is able to cover a portion of its fixed costs.
D)should continue operating because the firm is making a profit.
-Refer to Exhibit. When the market price equals $54, the firm:?should continue operating temporarily despite an economic loss because the firm is able to cover a portion of its fixed costs.
A)should shut down.
B)should continue operating temporarily despite an economic loss because the firm is able to cover all of its variable costs.
C)should continue operating temporarily despite an economic loss because the firm is able to cover a portion of its fixed costs.
D)should continue operating because the firm is making a profit.
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5
Exhibit
-Refer to Exhibit. Suppose the market price equals $88 and the firm is currently producing 600 units of output. In this situation, the firm:?
A)is maximizing profit.
B)should increase production of output in order to maximize profit.
C)should decrease production of output in order to maximize profit.
D)should shut down in order to minimize economic losses.
-Refer to Exhibit. Suppose the market price equals $88 and the firm is currently producing 600 units of output. In this situation, the firm:?
A)is maximizing profit.
B)should increase production of output in order to maximize profit.
C)should decrease production of output in order to maximize profit.
D)should shut down in order to minimize economic losses.
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6
Exhibit
-Refer to Exhibit. Graph B exhibits a price-taking firm:
A)which will lose money when the market price equals $4.90.
B)which will make an economic profit when the market price equals $4.90.
C)which will break even when the market price equals $4.90.
D)which will shut down when the market price equals $4.90.
-Refer to Exhibit. Graph B exhibits a price-taking firm:
A)which will lose money when the market price equals $4.90.
B)which will make an economic profit when the market price equals $4.90.
C)which will break even when the market price equals $4.90.
D)which will shut down when the market price equals $4.90.
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7
Exhibit
-Refer to Exhibit. Total revenue for the firm in Graph A equals:?
A)$40.
B)$80.
C)$320.
D)$400.
-Refer to Exhibit. Total revenue for the firm in Graph A equals:?
A)$40.
B)$80.
C)$320.
D)$400.
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8
What is the maximum amount of profit the perfectly competitive firm depicted below could earn in the short run?
A)$900
B)$1,120
C)$1,260
D)$2,000
A)$900
B)$1,120
C)$1,260
D)$2,000
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9
Exhibit
-Refer to Exhibit. What is the value of the variable Z shown in the table?
A)$0
B)-$38
C)-$35
D)-$40
-Refer to Exhibit. What is the value of the variable Z shown in the table?
A)$0
B)-$38
C)-$35
D)-$40
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10
Exhibit
-Refer to Exhibit. The lowest price at which the firm can earn at least zero economic profit is:?
A)$60.
B)$45.
C)$30.
D)$10.
-Refer to Exhibit. The lowest price at which the firm can earn at least zero economic profit is:?
A)$60.
B)$45.
C)$30.
D)$10.
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11
Exhibit
-Refer to Exhibit. In the short run, if the market price falls below ____, the firm should shut down.
A)$60
B)$45
C)$30
D)$10
-Refer to Exhibit. In the short run, if the market price falls below ____, the firm should shut down.
A)$60
B)$45
C)$30
D)$10
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12
Exhibit
-Refer to Exhibit. In the short run, if the market price falls to $40 per unit, the firm should:
A)shut down temporarily.
B)shut down permanently.
C)continue to operate, because it is earning an economic profit.
D)continue to operate temporarily, because it is minimizing losses by doing so.
-Refer to Exhibit. In the short run, if the market price falls to $40 per unit, the firm should:
A)shut down temporarily.
B)shut down permanently.
C)continue to operate, because it is earning an economic profit.
D)continue to operate temporarily, because it is minimizing losses by doing so.
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13
Exhibit
-Refer to Exhibit. The firm's short-run supply curve corresponds to which segment of the marginal cost curve in the diagram?
A)ABCDE
B)BCDE
C)CDE
D)DE
-Refer to Exhibit. The firm's short-run supply curve corresponds to which segment of the marginal cost curve in the diagram?
A)ABCDE
B)BCDE
C)CDE
D)DE
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14
Exhibit
-Refer to Exhibit. If P represents the market price for a price-taking firm, the best course of action in the short run for the firm is to:
A)shut down immediately.
B)continue operating because average total cost exceeds price.
C)continue operating because price exceeds average total cost.
D)continue operating because price exceeds average variable cost.
-Refer to Exhibit. If P represents the market price for a price-taking firm, the best course of action in the short run for the firm is to:
A)shut down immediately.
B)continue operating because average total cost exceeds price.
C)continue operating because price exceeds average total cost.
D)continue operating because price exceeds average variable cost.
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15
Exhibit
-Refer to Exhibit. The short run ____ for this firm is represented by the area of ____.?
A)profit; OP1Bq
B)loss; OP1Bq
C)profit; PABP1
D)loss; PABP1
-Refer to Exhibit. The short run ____ for this firm is represented by the area of ____.?
A)profit; OP1Bq
B)loss; OP1Bq
C)profit; PABP1
D)loss; PABP1
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16
Exhibit
-Refer to Exhibit. When market price is $15, a profit-maximizing firm's short-run profits are:?
A)$0
B)$45
C)$12
D)$33
-Refer to Exhibit. When market price is $15, a profit-maximizing firm's short-run profits are:?
A)$0
B)$45
C)$12
D)$33
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17
Exhibit
-Refer to Exhibit. In the short run, if the market price is higher than $5 but less than $10, the competitive firm will earn:?
A)positive economic profits.
B)zero economic profits.
C)economic losses but will not shut down.
D)economic losses and will shut down.
-Refer to Exhibit. In the short run, if the market price is higher than $5 but less than $10, the competitive firm will earn:?
A)positive economic profits.
B)zero economic profits.
C)economic losses but will not shut down.
D)economic losses and will shut down.
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18
Exhibit
-Refer to Exhibit. In the short-run, if the market price is higher than $10, the competitive firm will earn:
A)positive economic profits.
B)zero economic profits.
C)losses but will not shut down.
D)losses and will shut down.
-Refer to Exhibit. In the short-run, if the market price is higher than $10, the competitive firm will earn:
A)positive economic profits.
B)zero economic profits.
C)losses but will not shut down.
D)losses and will shut down.
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19
Exhibit
-Refer to Exhibit 12.7. In the short-run, if the market price is $10, the competitive firm will earn:?
A)positive economic profits.
B)zero economic profits.
C)economic losses but will not shut down.
D)economic losses and will shut down.
-Refer to Exhibit 12.7. In the short-run, if the market price is $10, the competitive firm will earn:?
A)positive economic profits.
B)zero economic profits.
C)economic losses but will not shut down.
D)economic losses and will shut down.
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20
Exhibit
-Refer to Exhibit 12.7. In the short-run, if the market price is less than $5, the competitive firm will earn:?
A)positive economic profits.
B)zero economic profits.
C)economic losses but will not shut down.
D)economic losses and will shut down.
-Refer to Exhibit 12.7. In the short-run, if the market price is less than $5, the competitive firm will earn:?
A)positive economic profits.
B)zero economic profits.
C)economic losses but will not shut down.
D)economic losses and will shut down.
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21
Exhibit
-Refer to Figure 12.7. At what price would other firm be encouraged to enter this market?
A)any price greater than $5.
B)any price greater than $6.
C)any price greater than $7.
D)any price greater than $10.
-Refer to Figure 12.7. At what price would other firm be encouraged to enter this market?
A)any price greater than $5.
B)any price greater than $6.
C)any price greater than $7.
D)any price greater than $10.
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22
?Exhibit
-Refer to Exhibit. When the market price is $2, a competitive profit-maximizing firm's total revenue is:?
A)$21.
B)$6.
C)$3.
D)$12.50.
-Refer to Exhibit. When the market price is $2, a competitive profit-maximizing firm's total revenue is:?
A)$21.
B)$6.
C)$3.
D)$12.50.
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23
?Exhibit
-Refer to Exhibit. When market price is $2, a competitive profit-maximizing firm's total cost is:?
A)$6.
B)$21.
C)$3.
D)$12.50.
-Refer to Exhibit. When market price is $2, a competitive profit-maximizing firm's total cost is:?
A)$6.
B)$21.
C)$3.
D)$12.50.
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24
?Exhibit
-Refer to Exhibit. Competitive firms will earn positive economic profits in the short run when the market price
A)is less than $2
B)is greater than $1.
C)is equal to $2.
D)is greater than $2.
-Refer to Exhibit. Competitive firms will earn positive economic profits in the short run when the market price
A)is less than $2
B)is greater than $1.
C)is equal to $2.
D)is greater than $2.
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25
?Exhibit
-Refer to Exhibit. When market price is $2, a profit-maximizing competitive firm's profit is?
A)$12.50.
B)$2.25.
C)$3.
D)$0.
-Refer to Exhibit. When market price is $2, a profit-maximizing competitive firm's profit is?
A)$12.50.
B)$2.25.
C)$3.
D)$0.
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26
?Exhibit
-Refer to Exhibit. Competitive firms will operate at an economic loss and will shut down in the short run if the market price?
A)is greater than $3.
B)is less than $2 but greater than $1.
C)is less than $3 but greater than $2.
D)is less than $1.
-Refer to Exhibit. Competitive firms will operate at an economic loss and will shut down in the short run if the market price?
A)is greater than $3.
B)is less than $2 but greater than $1.
C)is less than $3 but greater than $2.
D)is less than $1.
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27
?Exhibit
-Refer to Exhibit. Competitive firms will operate at an economic loss but not shut down in the short run if the market price?
A)is greater than $3.
B)is less than $2 but greater than $1.
C)is less than $3 but greater than $2.
D)Is less than $1.
-Refer to Exhibit. Competitive firms will operate at an economic loss but not shut down in the short run if the market price?
A)is greater than $3.
B)is less than $2 but greater than $1.
C)is less than $3 but greater than $2.
D)Is less than $1.
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28
?Exhibit
-Refer to Exhibit. Other firms will have an incentive to enter this market when the price exceeds
A)$1
B)$1.25.
C)$2
D)$0
-Refer to Exhibit. Other firms will have an incentive to enter this market when the price exceeds
A)$1
B)$1.25.
C)$2
D)$0
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29
Exhibit
The figure shows the price, marginal cost, and average cost curves of a perfectly competitive firm.
-Refer to Exhibit. The firm depicted above should:
A)shut down in order to minimize losses.
B)keep operating in the short run in order to minimize losses, since price exceeds average variable cost.
C)keep operating in the short run in order to minimize losses, since price exceeds average total cost.
D)decrease output to 30 units, since marginal revenue exceeds marginal cost by the greatest dollar amount at that level of output.
The figure shows the price, marginal cost, and average cost curves of a perfectly competitive firm.
-Refer to Exhibit. The firm depicted above should:
A)shut down in order to minimize losses.
B)keep operating in the short run in order to minimize losses, since price exceeds average variable cost.
C)keep operating in the short run in order to minimize losses, since price exceeds average total cost.
D)decrease output to 30 units, since marginal revenue exceeds marginal cost by the greatest dollar amount at that level of output.
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30
?Exhibit
The long-run total cost schedule of a perfectly competitive firm that produces walnuts is as follows:
?
-Refer to Exhibit. If input costs are constant and there are no barriers to entry, the long-run equilibrium price of a pound of walnuts will be about:
A)$2.00
B)$2.20.
C)$2.50.
D)$2.75.
The long-run total cost schedule of a perfectly competitive firm that produces walnuts is as follows:
?
-Refer to Exhibit. If input costs are constant and there are no barriers to entry, the long-run equilibrium price of a pound of walnuts will be about:
A)$2.00
B)$2.20.
C)$2.50.
D)$2.75.
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31
?Exhibit
The long-run total cost schedule of a perfectly competitive firm that produces walnuts is as follows:
?
-Refer to Exhibit. The average total cost of producing 6,000 pounds of walnuts in the long run is:?
A)$2.00
B)$2.20.
C)$2.50.
D)$2.75.
The long-run total cost schedule of a perfectly competitive firm that produces walnuts is as follows:
?
-Refer to Exhibit. The average total cost of producing 6,000 pounds of walnuts in the long run is:?
A)$2.00
B)$2.20.
C)$2.50.
D)$2.75.
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32
?Exhibit
-Refer to Exhibit. The firm is now able to sell more of its lawn care services at a higher price and as a result will be able to earn economic profits:?
A)in the short run only.
B)in the long run.
C)as long as it keeps its costs constant.
D)at no time. Perfectly competitive firms always earn zero economic profits.
-Refer to Exhibit. The firm is now able to sell more of its lawn care services at a higher price and as a result will be able to earn economic profits:?
A)in the short run only.
B)in the long run.
C)as long as it keeps its costs constant.
D)at no time. Perfectly competitive firms always earn zero economic profits.
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33
Assume a perfectly competitive firm sells its output for $150 per unit. At its current 2,000 units of output, marginal cost is $140 and increasing, and average variable cost is $143. Assuming it wants to maximize its profits, it should:?
A)increase output.
B)decrease output, but not shut down.
C)maintain its current output rate.
D)shut down.
A)increase output.
B)decrease output, but not shut down.
C)maintain its current output rate.
D)shut down.
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34
A perfectly competitive, increasing cost industry is initially in long run equilibrium. Then, there is an increase in demand. Compared with the initial equilibrium, once the new long run equilibrium is reached:?
A)price will be higher and total output will be greater than before.
B)price will be the same and total output will be greater than before.
C)price will be lower and total output will be greater than before.
D)price will be higher, and therefore total output will be smaller than before.
A)price will be higher and total output will be greater than before.
B)price will be the same and total output will be greater than before.
C)price will be lower and total output will be greater than before.
D)price will be higher, and therefore total output will be smaller than before.
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35
Exhibit
The following table shows how the total cost of producing canisters of peanuts varies with output and capital in the long run in a perfectly competitive industry.
-Refer to Exhibit. What levels of capital (K=1, K=2, or K=3) would the firm choose in the long run for producing three canisters and five canisters of peanuts per hour, respectively?
The following table shows how the total cost of producing canisters of peanuts varies with output and capital in the long run in a perfectly competitive industry.
-Refer to Exhibit. What levels of capital (K=1, K=2, or K=3) would the firm choose in the long run for producing three canisters and five canisters of peanuts per hour, respectively?
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