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Deck 11: Perfect Competition
ملء الشاشة (f)
سؤال
سؤال
سؤال
سؤال
Use the table below to answer the following questions.
Table 11.1.1
Refer to Table 11.1.1 which gives the demand schedule for a perfectly competitive firm.If the firm sells 5 units of output,total revenue is
A)$15.
B)$30.
C)$75.
D)$90.
E)$105.
Table 11.1.1
Refer to Table 11.1.1 which gives the demand schedule for a perfectly competitive firm.If the firm sells 5 units of output,total revenue is
A)$15.
B)$30.
C)$75.
D)$90.
E)$105.
سؤال
سؤال
سؤال
سؤال
Use the figure below to answer the following questions. 
Figure 11.1.1
Refer to Figure 11.1.1.The firm competes in a perfectly competitive market.If price decreases,the total revenue curve
A)does not change,but the marginal revenue curve shifts downward.
B)does not change,but the marginal revenue curve shifts upward.
C)becomes steeper.
D)rotates downward and becomes flatter.
E)no longer passes through the origin.
Figure 11.1.1Refer to Figure 11.1.1.The firm competes in a perfectly competitive market.If price decreases,the total revenue curve
A)does not change,but the marginal revenue curve shifts downward.
B)does not change,but the marginal revenue curve shifts upward.
C)becomes steeper.
D)rotates downward and becomes flatter.
E)no longer passes through the origin.
سؤال
سؤال
Use the figure below to answer the following questions. Figure 11.1.1
Refer to Figure 11.1.1.The firm competes in a perfectly competitive market.The total revenue curve is a straight line because the firm
A)is a price taker.
B)faces constant returns to scale.
C)wants to maximize profits.
D)has perfect information.
E)has constant marginal cost.
Figure 11.1.1Refer to Figure 11.1.1.The firm competes in a perfectly competitive market.The total revenue curve is a straight line because the firm
A)is a price taker.
B)faces constant returns to scale.
C)wants to maximize profits.
D)has perfect information.
E)has constant marginal cost.
سؤال
سؤال
سؤال
سؤال
Use the table below to answer the following questions.
Table 11.1.1
Refer to Table 11.1.1 which gives the demand schedule for a perfectly competitive firm.If the firm sells 6 units of output,marginal revenue is
A)$15.
B)$30.
C)$75.
D)$90.
E)$105.
Table 11.1.1
Refer to Table 11.1.1 which gives the demand schedule for a perfectly competitive firm.If the firm sells 6 units of output,marginal revenue is
A)$15.
B)$30.
C)$75.
D)$90.
E)$105.
سؤال
سؤال
سؤال
سؤال
سؤال
Use the table below to answer the following questions.
Table 11.1.1
Refer to Table 11.1.1 which gives the demand schedule for a perfectly competitive firm.If the quantity sold by the firm rises from 5 to 6,marginal revenue is
A)$15.
B)$30.
C)$75.
D)$90.
E)$105.
Table 11.1.1
Refer to Table 11.1.1 which gives the demand schedule for a perfectly competitive firm.If the quantity sold by the firm rises from 5 to 6,marginal revenue is
A)$15.
B)$30.
C)$75.
D)$90.
E)$105.
سؤال
سؤال
سؤال
Use the table below to answer the following questions.
Table 11.2.2
Refer to Table 11.2.2,which gives the total cost schedule for Chip's Pizza Palace,a perfectly competitive firm.If Chip shuts down in the short run,his total cost is
A)$0.
B)$10 an hour.
C)$12 an hour.
D)$22 an hour.
E)$40 an hour.
Table 11.2.2
Refer to Table 11.2.2,which gives the total cost schedule for Chip's Pizza Palace,a perfectly competitive firm.If Chip shuts down in the short run,his total cost is
A)$0.
B)$10 an hour.
C)$12 an hour.
D)$22 an hour.
E)$40 an hour.
سؤال
Use the table below to answer the following questions.
Table 11.2.3
Refer to Table 11.2.3,which gives the total cost schedule for Brenda's Balloon Shop,a perfectly competitive firm.The average fixed cost of producing the 4th balloon is
A)$4.30.
B)$4.80.
C)$4.70.
D)$4.50.
E)$1.00.
Table 11.2.3
Refer to Table 11.2.3,which gives the total cost schedule for Brenda's Balloon Shop,a perfectly competitive firm.The average fixed cost of producing the 4th balloon is
A)$4.30.
B)$4.80.
C)$4.70.
D)$4.50.
E)$1.00.
سؤال
سؤال
Use the table below to answer the following questions.
Table 11.2.3
Refer to Table 11.2.3,which gives the total cost schedule for Brenda's Balloon Shop,a perfectly competitive firm.Brenda's total fixed cost is
A)$3 an hour.
B)$4 an hour.
C)$7 an hour.
D)$29 an hour.
E)zero.
Table 11.2.3
Refer to Table 11.2.3,which gives the total cost schedule for Brenda's Balloon Shop,a perfectly competitive firm.Brenda's total fixed cost is
A)$3 an hour.
B)$4 an hour.
C)$7 an hour.
D)$29 an hour.
E)zero.
سؤال
سؤال
سؤال
Use the table below to answer the following questions.
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.Economic profit is maximized when the firm produces ________ units of output.
A)zero
B)7
C)3
D)6
E)5
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.Economic profit is maximized when the firm produces ________ units of output.
A)zero
B)7
C)3
D)6
E)5
سؤال
Use the table below to answer the following questions.
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.The marginal revenue received from the sale of the 4th unit of output is
A)$3.
B)$15.
C)$10.
D)$120.
E)$30.
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.The marginal revenue received from the sale of the 4th unit of output is
A)$3.
B)$15.
C)$10.
D)$120.
E)$30.
سؤال
Use the table below to answer the following questions.
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.If the firm produces 2 units of output,it
A)makes an economic profit of $9.
B)makes an economic profit of $60.
C)incurs an economic loss of $9.
D)incurs an economic loss of $60.
E)incurs an economic loss of $69.
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.If the firm produces 2 units of output,it
A)makes an economic profit of $9.
B)makes an economic profit of $60.
C)incurs an economic loss of $9.
D)incurs an economic loss of $60.
E)incurs an economic loss of $69.
سؤال
Use the table below to answer the following questions.
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.If the firm produces 3 units of output,it will
A)make an economic profit of $4.
B)make an economic profit of $90.
C)incur an economic loss of $4.
D)break even.
E)incur an economic loss of $86.
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.If the firm produces 3 units of output,it will
A)make an economic profit of $4.
B)make an economic profit of $90.
C)incur an economic loss of $4.
D)break even.
E)incur an economic loss of $86.
سؤال
Use the table below to answer the following questions.
Table 11.2.3
Refer to Table 11.2.3,which gives the total cost schedule for Brenda's Balloon Shop,a perfectly competitive firm.The marginal cost of increasing production from 4 balloons an hour to 5 balloons an hour is
A)$1.00.
B)$4.50.
C)$4.70.
D)$4.80.
E)$4.40.
Table 11.2.3
Refer to Table 11.2.3,which gives the total cost schedule for Brenda's Balloon Shop,a perfectly competitive firm.The marginal cost of increasing production from 4 balloons an hour to 5 balloons an hour is
A)$1.00.
B)$4.50.
C)$4.70.
D)$4.80.
E)$4.40.
سؤال
Use the table below to answer the following questions.
Table 11.2.2
Refer to Table 11.2.2,which gives the total cost schedule for Chip's Pizza Palace,a perfectly competitive firm.If the price of a pizza is $7,what is Chip's profit-maximizing output per hour?
A)zero pizzas
B)1 pizza
C)2 pizzas
D)3 pizzas
E)4 pizzas
Table 11.2.2
Refer to Table 11.2.2,which gives the total cost schedule for Chip's Pizza Palace,a perfectly competitive firm.If the price of a pizza is $7,what is Chip's profit-maximizing output per hour?
A)zero pizzas
B)1 pizza
C)2 pizzas
D)3 pizzas
E)4 pizzas
سؤال
سؤال
سؤال
Use the table below to answer the following questions.
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.The short-run equilibrium price of one unit of the good is
A)$3.
B)$10.
C)$15.
D)$25.
E)$30.
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.The short-run equilibrium price of one unit of the good is
A)$3.
B)$10.
C)$15.
D)$25.
E)$30.
سؤال
سؤال
Use the table below to answer the following questions.
Table 11.2.3
Refer to Table 11.2.3 which gives the total cost schedule for Brenda's Balloon Shop,a perfectly competitive firm.The average variable cost of producing the 1st balloon is
A)$1.00.
B)$4.00.
C)$2.00.
D)$4.80.
E)$3.00.
Table 11.2.3
Refer to Table 11.2.3 which gives the total cost schedule for Brenda's Balloon Shop,a perfectly competitive firm.The average variable cost of producing the 1st balloon is
A)$1.00.
B)$4.00.
C)$2.00.
D)$4.80.
E)$3.00.
سؤال
سؤال
Use the table below to answer the following questions.
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.The marginal cost of increasing production from 4 units to 5 units is
A)$16.
B)$128.
C)$100.
D)$116.
E)$30.
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.The marginal cost of increasing production from 4 units to 5 units is
A)$16.
B)$128.
C)$100.
D)$116.
E)$30.
سؤال
Use the table below to answer the following question.
Table 11.2.4
Refer to Table 11.2.4.The market is perfectly competitive and there are 1,000 firms that produce paper. The top table sets out the market demand schedule for paper.
Each producer of paper has the costs shown in the bottom table when it uses its least-cost plant size.
The market price is ________ a box and the market output is ________ boxes.The output produced by each firm is ________ boxes.Each firm ________.
A)$7.00;250,000;250;incurs an economic loss of $1,000 a week
B)$8.40;350,000;350;makes zero economic profit
C)$7.65;300,000;300;incurs an economic loss of $834 a week
D)$8.40;350,000;350;incurs an economic loss of $581 a week
E)$7.65;350,000;300;makes zero economic profit
Table 11.2.4
Refer to Table 11.2.4.The market is perfectly competitive and there are 1,000 firms that produce paper. The top table sets out the market demand schedule for paper.
Each producer of paper has the costs shown in the bottom table when it uses its least-cost plant size.
The market price is ________ a box and the market output is ________ boxes.The output produced by each firm is ________ boxes.Each firm ________.
A)$7.00;250,000;250;incurs an economic loss of $1,000 a week
B)$8.40;350,000;350;makes zero economic profit
C)$7.65;300,000;300;incurs an economic loss of $834 a week
D)$8.40;350,000;350;incurs an economic loss of $581 a week
E)$7.65;350,000;300;makes zero economic profit
سؤال
سؤال
Use the figure below to answer the following question. 
Figure 11.2.1
Refer to Figure 11.2.1,which shows a perfectly competitive firm's total revenue and total cost curves.Which one of the following statements is false?
A)Economic profit is the vertical distance between the total revenue curve and the total cost curve.
B)At an output of Q1 units a day,the firm makes zero economic profit.
C)At an output greater than Q3 units a day,the firm incurs an economic loss.
D)At an output of Q2 units a day,the firm incurs an economic loss.
E)At an output less than Q1 units a day,the firm incurs an economic loss.
Figure 11.2.1Refer to Figure 11.2.1,which shows a perfectly competitive firm's total revenue and total cost curves.Which one of the following statements is false?
A)Economic profit is the vertical distance between the total revenue curve and the total cost curve.
B)At an output of Q1 units a day,the firm makes zero economic profit.
C)At an output greater than Q3 units a day,the firm incurs an economic loss.
D)At an output of Q2 units a day,the firm incurs an economic loss.
E)At an output less than Q1 units a day,the firm incurs an economic loss.
سؤال
سؤال
سؤال
Use the figure below to answer the following questions. 
Figure 11.2.2
Refer to Figure 11.2.2,which shows a perfectly competitive firm's economic profit and loss.The firm is incurring a loss at
A)point A.
B)point B.
C)point C.
D)point D.
E)both points B and D.
Figure 11.2.2Refer to Figure 11.2.2,which shows a perfectly competitive firm's economic profit and loss.The firm is incurring a loss at
A)point A.
B)point B.
C)point C.
D)point D.
E)both points B and D.
سؤال
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Use the figure below to answer the following questions. Figure 11.2.2
Refer to Figure 11.2.2,which shows a perfectly competitive firm's economic profit and loss.The firm is breaking even at points
A)A and C.
B)A and D.
C)B and C.
D)B and D.
E)C and D.
Figure 11.2.2Refer to Figure 11.2.2,which shows a perfectly competitive firm's economic profit and loss.The firm is breaking even at points
A)A and C.
B)A and D.
C)B and C.
D)B and D.
E)C and D.
سؤال
سؤال
سؤال
Use the table below to answer the following questions.
Table 11.2.5
Refer to Table 11.2.5.Archibald's Tattoos is a perfectly competitive firm.The firm's total costs are shown in the table.The price at Archibald's shut-down point is
A)$10.00.
B)$15.00.
C)$12.50.
D)$13.33.
E)$17.00.
Table 11.2.5
Refer to Table 11.2.5.Archibald's Tattoos is a perfectly competitive firm.The firm's total costs are shown in the table.The price at Archibald's shut-down point is
A)$10.00.
B)$15.00.
C)$12.50.
D)$13.33.
E)$17.00.
سؤال
سؤال
Use the figure below to answer the following question. 
Figure 11.3.3
Refer to Figure 11.3.3,which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive industry.The firm is
A)making an economic profit.
B)incurring an economic loss.
C)breaking even.
D)at its shutdown point.
E)larger than the other firms in the industry.
Figure 11.3.3Refer to Figure 11.3.3,which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive industry.The firm is
A)making an economic profit.
B)incurring an economic loss.
C)breaking even.
D)at its shutdown point.
E)larger than the other firms in the industry.
سؤال
Use the table below to answer the following questions.
Table 11.2.5
Refer to Table 11.2.5.Archibald's Tattoos is a perfectly competitive firm.The firm's total costs are shown in the table.If the price of a tattoo is $12.50,Archibald's economic profit is
A)-$10.00 an hour.
B)zero.
C)$12.50 an hour.
D)$10.00 an hour.
E)maximized.
Table 11.2.5
Refer to Table 11.2.5.Archibald's Tattoos is a perfectly competitive firm.The firm's total costs are shown in the table.If the price of a tattoo is $12.50,Archibald's economic profit is
A)-$10.00 an hour.
B)zero.
C)$12.50 an hour.
D)$10.00 an hour.
E)maximized.
سؤال
سؤال
سؤال
Use the figure below to answer the following question. 
Figure 11.3.4
Refer to Figure 11.3.4,which shows the cost curves of Paul's Picture Frames Inc.The picture frame market is perfectly competitive and the market price is $12 a frame.Paul produces ________ frames each day and makes daily total revenue of ________.
A)20;$240
B)20;$96
C)zero;zero
D)30;$360
E)30;zero
Figure 11.3.4Refer to Figure 11.3.4,which shows the cost curves of Paul's Picture Frames Inc.The picture frame market is perfectly competitive and the market price is $12 a frame.Paul produces ________ frames each day and makes daily total revenue of ________.
A)20;$240
B)20;$96
C)zero;zero
D)30;$360
E)30;zero
سؤال
سؤال
Use the figure below to answer the following question. 
Figure 11.3.2
Refer to Figure 11.3.2,which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive industry,The firm is
A)making an economic profit.
B)incurring an economic loss.
C)breaking even.
D)not maximizing economic profit.
E)going to close down temporarily.
Figure 11.3.2Refer to Figure 11.3.2,which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive industry,The firm is
A)making an economic profit.
B)incurring an economic loss.
C)breaking even.
D)not maximizing economic profit.
E)going to close down temporarily.
سؤال
Use the figure below to answer the following question. 
Figure 11.3.5
Refer to Figure 11.3.5,which shows the cost curves and the marginal revenue curve for a perfectly competitive firm.To maximize profit,the firm produces ________ units of output and the price is ________ a unit.
A)30;$40
B)30;$30
C)20;$40
D)20;$30
E)30;$32.50
Figure 11.3.5Refer to Figure 11.3.5,which shows the cost curves and the marginal revenue curve for a perfectly competitive firm.To maximize profit,the firm produces ________ units of output and the price is ________ a unit.
A)30;$40
B)30;$30
C)20;$40
D)20;$30
E)30;$32.50
سؤال
Use the figure below to answer the following questions. 
Figure 11.3.1
Refer to Figure 11.3.1,which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive industry.In the short run,the firm will
A)exit from the industry if price is greater than average variable cost.
B)break even.
C)make an economic profit.
D)incur an economic loss if price is greater than average variable cost.
E)raise the price.
Figure 11.3.1Refer to Figure 11.3.1,which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive industry.In the short run,the firm will
A)exit from the industry if price is greater than average variable cost.
B)break even.
C)make an economic profit.
D)incur an economic loss if price is greater than average variable cost.
E)raise the price.
سؤال
سؤال
سؤال
Use the figure below to answer the following questions. Figure 11.3.1
Refer to Figure 11.3.1,which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive industry.In the short run,if the market price of the good is $10,the firm produces ________ units of output and ________.
A)10;incurs an economic loss of $20
B)10;incurs an economic loss of $40
C)less than 10;incurs an economic loss of $20
D)10;makes an economic profit of $20
E)less than 10;incurs an economic loss of less than $20
Figure 11.3.1Refer to Figure 11.3.1,which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive industry.In the short run,if the market price of the good is $10,the firm produces ________ units of output and ________.
A)10;incurs an economic loss of $20
B)10;incurs an economic loss of $40
C)less than 10;incurs an economic loss of $20
D)10;makes an economic profit of $20
E)less than 10;incurs an economic loss of less than $20
سؤال
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سؤال
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ملء الشاشة (f)
Deck 11: Perfect Competition
1
An example of a perfectly competitive industry is the
A)airline industry.
B)beer industry.
C)running shoe industry.
D)fast food industry.
E)wheat industry.
A)airline industry.
B)beer industry.
C)running shoe industry.
D)fast food industry.
E)wheat industry.
wheat industry.
2
Marginal revenue is
A)the change in total revenue that results from a one-unit increase in the price of the good.
B)the change in total revenue that results from a one-unit increase in the quantity sold.
C)economic profit divided by the quantity sold.
D)the change in economic profit that results from a one-unit increase in the quantity sold.
E)total revenue minus total cost.
A)the change in total revenue that results from a one-unit increase in the price of the good.
B)the change in total revenue that results from a one-unit increase in the quantity sold.
C)economic profit divided by the quantity sold.
D)the change in economic profit that results from a one-unit increase in the quantity sold.
E)total revenue minus total cost.
the change in total revenue that results from a one-unit increase in the quantity sold.
3
Which one of the following does not occur in perfect competition?
A)No single firm can exert a significant influence on the market price of the good.
B)There are many buyers.
C)There are significant restrictions on entry into the market.
D)Sellers and buyers are well informed about prices.
E)Established firms have no advantage over new ones.
A)No single firm can exert a significant influence on the market price of the good.
B)There are many buyers.
C)There are significant restrictions on entry into the market.
D)Sellers and buyers are well informed about prices.
E)Established firms have no advantage over new ones.
There are significant restrictions on entry into the market.
4
Use the table below to answer the following questions.
Table 11.1.1
Refer to Table 11.1.1 which gives the demand schedule for a perfectly competitive firm.If the firm sells 5 units of output,total revenue is
A)$15.
B)$30.
C)$75.
D)$90.
E)$105.
Table 11.1.1
Refer to Table 11.1.1 which gives the demand schedule for a perfectly competitive firm.If the firm sells 5 units of output,total revenue is
A)$15.
B)$30.
C)$75.
D)$90.
E)$105.
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5
A price taker is a firm that
A)must lower its price if it wants to sell more output.
B)sets the market price.
C)cannot influence the market price.
D)is incurring an economic loss.
E)can raise its price if it lowers output.
A)must lower its price if it wants to sell more output.
B)sets the market price.
C)cannot influence the market price.
D)is incurring an economic loss.
E)can raise its price if it lowers output.
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6
Economic profit equals
A)total fixed cost plus total variable cost.
B)total revenue minus marginal cost.
C)marginal revenue minus marginal cost.
D)total revenue minus total cost.
E)total revenue minus total variable cost.
A)total fixed cost plus total variable cost.
B)total revenue minus marginal cost.
C)marginal revenue minus marginal cost.
D)total revenue minus total cost.
E)total revenue minus total variable cost.
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7
If a firm faces a perfectly elastic demand for its product,then
A)it is not a price taker.
B)it will want to lower its price to increase sales.
C)it will want to raise its price to increase total revenue.
D)its marginal revenue curve is horizontal at the market price.
E)it will always make zero economic profit.
A)it is not a price taker.
B)it will want to lower its price to increase sales.
C)it will want to raise its price to increase total revenue.
D)its marginal revenue curve is horizontal at the market price.
E)it will always make zero economic profit.
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8
Use the figure below to answer the following questions. Figure 11.1.1
Refer to Figure 11.1.1.The firm competes in a perfectly competitive market.If price decreases,the total revenue curve
A)does not change,but the marginal revenue curve shifts downward.
B)does not change,but the marginal revenue curve shifts upward.
C)becomes steeper.
D)rotates downward and becomes flatter.
E)no longer passes through the origin.
Figure 11.1.1Refer to Figure 11.1.1.The firm competes in a perfectly competitive market.If price decreases,the total revenue curve
A)does not change,but the marginal revenue curve shifts downward.
B)does not change,but the marginal revenue curve shifts upward.
C)becomes steeper.
D)rotates downward and becomes flatter.
E)no longer passes through the origin.
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9
Assume that the leather market is a perfectly competitive market.The market demand curve for leather is ________ and each individual leather producer's demand curve is ________.
A)vertical;downward sloping
B)downward sloping;horizontal
C)downward sloping;vertical
D)horizontal;horizontal
E)horizontal;downward sloping
A)vertical;downward sloping
B)downward sloping;horizontal
C)downward sloping;vertical
D)horizontal;horizontal
E)horizontal;downward sloping
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10
Use the figure below to answer the following questions. Figure 11.1.1
Refer to Figure 11.1.1.The firm competes in a perfectly competitive market.The total revenue curve is a straight line because the firm
A)is a price taker.
B)faces constant returns to scale.
C)wants to maximize profits.
D)has perfect information.
E)has constant marginal cost.
Figure 11.1.1Refer to Figure 11.1.1.The firm competes in a perfectly competitive market.The total revenue curve is a straight line because the firm
A)is a price taker.
B)faces constant returns to scale.
C)wants to maximize profits.
D)has perfect information.
E)has constant marginal cost.
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11
Perfect competition occurs in a market where there are many firms,each selling
A)an identical product.
B)a similar product.
C)a unique product.
D)a capital-intensive product.
E)a competitive product.
A)an identical product.
B)a similar product.
C)a unique product.
D)a capital-intensive product.
E)a competitive product.
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12
In a perfectly competitive market,the market demand curve is illustrated by
A)a downward-sloping curve.
B)a line that is vertical at the market output.
C)an upward-sloping curve.
D)a line that is horizontal at the market price.
E)a curve that is bowed towards the origin.
A)a downward-sloping curve.
B)a line that is vertical at the market output.
C)an upward-sloping curve.
D)a line that is horizontal at the market price.
E)a curve that is bowed towards the origin.
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13
A price-taking firm faces a
A)perfectly inelastic demand.
B)downward-sloping marginal revenue curve.
C)downward-sloping supply curve.
D)perfectly elastic demand.
E)downward-sloping demand curve.
A)perfectly inelastic demand.
B)downward-sloping marginal revenue curve.
C)downward-sloping supply curve.
D)perfectly elastic demand.
E)downward-sloping demand curve.
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14
Use the table below to answer the following questions.
Table 11.1.1
Refer to Table 11.1.1 which gives the demand schedule for a perfectly competitive firm.If the firm sells 6 units of output,marginal revenue is
A)$15.
B)$30.
C)$75.
D)$90.
E)$105.
Table 11.1.1
Refer to Table 11.1.1 which gives the demand schedule for a perfectly competitive firm.If the firm sells 6 units of output,marginal revenue is
A)$15.
B)$30.
C)$75.
D)$90.
E)$105.
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15
The slope of a perfectly competitive firm's demand curve is
A)equal to infinity.
B)equal to zero.
C)equal to 1.
D)greater than 1.
E)negative.
A)equal to infinity.
B)equal to zero.
C)equal to 1.
D)greater than 1.
E)negative.
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16
A perfectly competitive market is characterized by
A)firms that are price setters.
B)firms that each face a downward-sloping demand curve.
C)firms that each sell a unique good or service.
D)buyers who are unaware of the price charged by each firm.
E)no restrictions on entry into the market.
A)firms that are price setters.
B)firms that each face a downward-sloping demand curve.
C)firms that each sell a unique good or service.
D)buyers who are unaware of the price charged by each firm.
E)no restrictions on entry into the market.
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17
Lin's fortune cookies are identical to the fortune cookies made by dozens of other firms,and there is free entry in the fortune cookie market.Buyers and sellers are well informed about prices.The price of a fortune cookie is determined by ________.The marginal revenue of a fortune cookie equals ________.
A)market demand and market supply;price
B)the ingredients that Lin's uses to produce his fortune cookies;average total cost
C)the number of cookies that Lin's produces;average variable cost
D)the freshness of the fortune cookies;average fixed cost
E)market demand and market supply;the price elasticity of demand
A)market demand and market supply;price
B)the ingredients that Lin's uses to produce his fortune cookies;average total cost
C)the number of cookies that Lin's produces;average variable cost
D)the freshness of the fortune cookies;average fixed cost
E)market demand and market supply;the price elasticity of demand
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18
For perfect competition to arise,it is necessary that market demand be
A)inelastic.
B)elastic.
C)perfectly elastic.
D)large relative to the minimum efficient scale of a single firm.
E)small relative to the minimum efficient scale of a single firm.
A)inelastic.
B)elastic.
C)perfectly elastic.
D)large relative to the minimum efficient scale of a single firm.
E)small relative to the minimum efficient scale of a single firm.
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19
Use the table below to answer the following questions.
Table 11.1.1
Refer to Table 11.1.1 which gives the demand schedule for a perfectly competitive firm.If the quantity sold by the firm rises from 5 to 6,marginal revenue is
A)$15.
B)$30.
C)$75.
D)$90.
E)$105.
Table 11.1.1
Refer to Table 11.1.1 which gives the demand schedule for a perfectly competitive firm.If the quantity sold by the firm rises from 5 to 6,marginal revenue is
A)$15.
B)$30.
C)$75.
D)$90.
E)$105.
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20
Lin's fortune cookies are identical to the fortune cookies made by dozens of other firms,and there is free entry in the fortune cookie market.Buyers and sellers are well informed about prices.Lin's fortune cookies operates in a ________ market.
A)challenging
B)monopolistic
C)perfectly competitive
D)noncompetitive
E)perfectly competent
A)challenging
B)monopolistic
C)perfectly competitive
D)noncompetitive
E)perfectly competent
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21
Use the information below to answer the following questions.
Fact 11.1.1 Money in the Bank
Two gas stations stand on opposite sides of the road: Rutter's Farm Store and Sheetz gas station.Rutter's doesn't even have to look across the highway to know when Sheetz changes its price for gas.When Sheetz raises the price,Rutter's pumps are busy.When Sheetz lowers prices,there's not a car in sight.Both gas stations survive but each has no control over the price.
Source: The Mining Journal,May 24,2008
Refer to Fact 11.1.1.These gas stations operate in a ________market.
A)competitive
B)noncompetitive
C)monopolistic
D)challenging
E)consumer's
Fact 11.1.1 Money in the Bank
Two gas stations stand on opposite sides of the road: Rutter's Farm Store and Sheetz gas station.Rutter's doesn't even have to look across the highway to know when Sheetz changes its price for gas.When Sheetz raises the price,Rutter's pumps are busy.When Sheetz lowers prices,there's not a car in sight.Both gas stations survive but each has no control over the price.
Source: The Mining Journal,May 24,2008
Refer to Fact 11.1.1.These gas stations operate in a ________market.
A)competitive
B)noncompetitive
C)monopolistic
D)challenging
E)consumer's
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22
Use the table below to answer the following questions.
Table 11.2.2
Refer to Table 11.2.2,which gives the total cost schedule for Chip's Pizza Palace,a perfectly competitive firm.If Chip shuts down in the short run,his total cost is
A)$0.
B)$10 an hour.
C)$12 an hour.
D)$22 an hour.
E)$40 an hour.
Table 11.2.2
Refer to Table 11.2.2,which gives the total cost schedule for Chip's Pizza Palace,a perfectly competitive firm.If Chip shuts down in the short run,his total cost is
A)$0.
B)$10 an hour.
C)$12 an hour.
D)$22 an hour.
E)$40 an hour.
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23
Use the table below to answer the following questions.
Table 11.2.3
Refer to Table 11.2.3,which gives the total cost schedule for Brenda's Balloon Shop,a perfectly competitive firm.The average fixed cost of producing the 4th balloon is
A)$4.30.
B)$4.80.
C)$4.70.
D)$4.50.
E)$1.00.
Table 11.2.3
Refer to Table 11.2.3,which gives the total cost schedule for Brenda's Balloon Shop,a perfectly competitive firm.The average fixed cost of producing the 4th balloon is
A)$4.30.
B)$4.80.
C)$4.70.
D)$4.50.
E)$1.00.
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24
Use the information below to answer the following questions.
Fact 11.1.1 Money in the Bank
Two gas stations stand on opposite sides of the road: Rutter's Farm Store and Sheetz gas station.Rutter's doesn't even have to look across the highway to know when Sheetz changes its price for gas.When Sheetz raises the price,Rutter's pumps are busy.When Sheetz lowers prices,there's not a car in sight.Both gas stations survive but each has no control over the price.
Source: The Mining Journal,May 24,2008
Refer to Fact 11.1.1.Each of these gas stations has little control over the price of gasoline because
A)the price of gasoline is determined by head office.
B)lowering the price will eliminate competition and the government mandates that gasoline stations must have competition.
C)if it raises its price,the station will lose customers.
D)the price of gasoline is set according to the price of oil.
E)the demand for gasoline is perfectly inelastic.
Fact 11.1.1 Money in the Bank
Two gas stations stand on opposite sides of the road: Rutter's Farm Store and Sheetz gas station.Rutter's doesn't even have to look across the highway to know when Sheetz changes its price for gas.When Sheetz raises the price,Rutter's pumps are busy.When Sheetz lowers prices,there's not a car in sight.Both gas stations survive but each has no control over the price.
Source: The Mining Journal,May 24,2008
Refer to Fact 11.1.1.Each of these gas stations has little control over the price of gasoline because
A)the price of gasoline is determined by head office.
B)lowering the price will eliminate competition and the government mandates that gasoline stations must have competition.
C)if it raises its price,the station will lose customers.
D)the price of gasoline is set according to the price of oil.
E)the demand for gasoline is perfectly inelastic.
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25
Use the table below to answer the following questions.
Table 11.2.3
Refer to Table 11.2.3,which gives the total cost schedule for Brenda's Balloon Shop,a perfectly competitive firm.Brenda's total fixed cost is
A)$3 an hour.
B)$4 an hour.
C)$7 an hour.
D)$29 an hour.
E)zero.
Table 11.2.3
Refer to Table 11.2.3,which gives the total cost schedule for Brenda's Balloon Shop,a perfectly competitive firm.Brenda's total fixed cost is
A)$3 an hour.
B)$4 an hour.
C)$7 an hour.
D)$29 an hour.
E)zero.
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26
Suppose a firm is trying to decide whether to temporarily shut down to minimize total loss.If price equals average variable cost and the firm continues to produce,
A)total revenue equals total fixed cost,and the loss equals total variable cost.
B)total revenue equals total variable cost,and the loss equals total fixed cost.
C)total fixed cost is zero.
D)total variable cost equals total fixed cost.
E)total cost equals total variable cost.
A)total revenue equals total fixed cost,and the loss equals total variable cost.
B)total revenue equals total variable cost,and the loss equals total fixed cost.
C)total fixed cost is zero.
D)total variable cost equals total fixed cost.
E)total cost equals total variable cost.
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27
A firm will shut down temporarily when the price is so low that total revenue is insufficient to cover the
A)total cost of production.
B)total variable cost of production.
C)total fixed cost of production.
D)marginal cost of production.
E)average variable cost of production.
A)total cost of production.
B)total variable cost of production.
C)total fixed cost of production.
D)marginal cost of production.
E)average variable cost of production.
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28
Use the table below to answer the following questions.
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.Economic profit is maximized when the firm produces ________ units of output.
A)zero
B)7
C)3
D)6
E)5
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.Economic profit is maximized when the firm produces ________ units of output.
A)zero
B)7
C)3
D)6
E)5
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29
Use the table below to answer the following questions.
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.The marginal revenue received from the sale of the 4th unit of output is
A)$3.
B)$15.
C)$10.
D)$120.
E)$30.
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.The marginal revenue received from the sale of the 4th unit of output is
A)$3.
B)$15.
C)$10.
D)$120.
E)$30.
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30
Use the table below to answer the following questions.
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.If the firm produces 2 units of output,it
A)makes an economic profit of $9.
B)makes an economic profit of $60.
C)incurs an economic loss of $9.
D)incurs an economic loss of $60.
E)incurs an economic loss of $69.
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.If the firm produces 2 units of output,it
A)makes an economic profit of $9.
B)makes an economic profit of $60.
C)incurs an economic loss of $9.
D)incurs an economic loss of $60.
E)incurs an economic loss of $69.
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31
Use the table below to answer the following questions.
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.If the firm produces 3 units of output,it will
A)make an economic profit of $4.
B)make an economic profit of $90.
C)incur an economic loss of $4.
D)break even.
E)incur an economic loss of $86.
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.If the firm produces 3 units of output,it will
A)make an economic profit of $4.
B)make an economic profit of $90.
C)incur an economic loss of $4.
D)break even.
E)incur an economic loss of $86.
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32
Use the table below to answer the following questions.
Table 11.2.3
Refer to Table 11.2.3,which gives the total cost schedule for Brenda's Balloon Shop,a perfectly competitive firm.The marginal cost of increasing production from 4 balloons an hour to 5 balloons an hour is
A)$1.00.
B)$4.50.
C)$4.70.
D)$4.80.
E)$4.40.
Table 11.2.3
Refer to Table 11.2.3,which gives the total cost schedule for Brenda's Balloon Shop,a perfectly competitive firm.The marginal cost of increasing production from 4 balloons an hour to 5 balloons an hour is
A)$1.00.
B)$4.50.
C)$4.70.
D)$4.80.
E)$4.40.
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33
Use the table below to answer the following questions.
Table 11.2.2
Refer to Table 11.2.2,which gives the total cost schedule for Chip's Pizza Palace,a perfectly competitive firm.If the price of a pizza is $7,what is Chip's profit-maximizing output per hour?
A)zero pizzas
B)1 pizza
C)2 pizzas
D)3 pizzas
E)4 pizzas
Table 11.2.2
Refer to Table 11.2.2,which gives the total cost schedule for Chip's Pizza Palace,a perfectly competitive firm.If the price of a pizza is $7,what is Chip's profit-maximizing output per hour?
A)zero pizzas
B)1 pizza
C)2 pizzas
D)3 pizzas
E)4 pizzas
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34
A firm shuts down if price is
A)above minimum average variable cost.
B)below minimum average variable cost.
C)above minimum average fixed cost.
D)less than marginal cost.
E)below average total cost.
A)above minimum average variable cost.
B)below minimum average variable cost.
C)above minimum average fixed cost.
D)less than marginal cost.
E)below average total cost.
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35
When a firm is a "price taker," the firm
A)can charge any price that it wants to charge,that is,"take" any price it chooses.
B)pays a fixed price for all of its fixed inputs.
C)will accept ("take")the lowest price that its customers offer.
D)pays a fixed price for all of its variable inputs.
E)cannot influence the market price of the good that it sells.
A)can charge any price that it wants to charge,that is,"take" any price it chooses.
B)pays a fixed price for all of its fixed inputs.
C)will accept ("take")the lowest price that its customers offer.
D)pays a fixed price for all of its variable inputs.
E)cannot influence the market price of the good that it sells.
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36
Use the table below to answer the following questions.
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.The short-run equilibrium price of one unit of the good is
A)$3.
B)$10.
C)$15.
D)$25.
E)$30.
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.The short-run equilibrium price of one unit of the good is
A)$3.
B)$10.
C)$15.
D)$25.
E)$30.
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37
A firm that temporarily shuts down and produces no output incurs a loss equal to its
A)total fixed cost.
B)total variable cost.
C)marginal cost.
D)average fixed cost.
E)average total cost.
A)total fixed cost.
B)total variable cost.
C)marginal cost.
D)average fixed cost.
E)average total cost.
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38
Use the table below to answer the following questions.
Table 11.2.3
Refer to Table 11.2.3 which gives the total cost schedule for Brenda's Balloon Shop,a perfectly competitive firm.The average variable cost of producing the 1st balloon is
A)$1.00.
B)$4.00.
C)$2.00.
D)$4.80.
E)$3.00.
Table 11.2.3
Refer to Table 11.2.3 which gives the total cost schedule for Brenda's Balloon Shop,a perfectly competitive firm.The average variable cost of producing the 1st balloon is
A)$1.00.
B)$4.00.
C)$2.00.
D)$4.80.
E)$3.00.
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39
Use the information below to answer the following questions.
Fact 11.1.1 Money in the Bank
Two gas stations stand on opposite sides of the road: Rutter's Farm Store and Sheetz gas station.Rutter's doesn't even have to look across the highway to know when Sheetz changes its price for gas.When Sheetz raises the price,Rutter's pumps are busy.When Sheetz lowers prices,there's not a car in sight.Both gas stations survive but each has no control over the price.
Source: The Mining Journal,May 24,2008
Refer to Fact 11.1.1.The price of gasoline is determined by ________.The marginal revenue from gasoline equals ________.
A)the quantity of gasoline that Rutter's and Sheetz sells;average variable cost
B)the number of tourists who drive by Rutter's and Sheetz;average fixed cost
C)the other goods and services that Rutter's and Sheetz sell;average total cost
D)market demand and market supply;price
E)the price elasticity of demand of gasoline;the change in total revenue that occurs when the price of a litre of gasoline rises by an incremental amount
Fact 11.1.1 Money in the Bank
Two gas stations stand on opposite sides of the road: Rutter's Farm Store and Sheetz gas station.Rutter's doesn't even have to look across the highway to know when Sheetz changes its price for gas.When Sheetz raises the price,Rutter's pumps are busy.When Sheetz lowers prices,there's not a car in sight.Both gas stations survive but each has no control over the price.
Source: The Mining Journal,May 24,2008
Refer to Fact 11.1.1.The price of gasoline is determined by ________.The marginal revenue from gasoline equals ________.
A)the quantity of gasoline that Rutter's and Sheetz sells;average variable cost
B)the number of tourists who drive by Rutter's and Sheetz;average fixed cost
C)the other goods and services that Rutter's and Sheetz sell;average total cost
D)market demand and market supply;price
E)the price elasticity of demand of gasoline;the change in total revenue that occurs when the price of a litre of gasoline rises by an incremental amount
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40
Use the table below to answer the following questions.
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.The marginal cost of increasing production from 4 units to 5 units is
A)$16.
B)$128.
C)$100.
D)$116.
E)$30.
Table 11.2.1
Refer to Table 11.2.1,which gives the total revenue schedule and total cost schedule of a perfectly competitive firm.The marginal cost of increasing production from 4 units to 5 units is
A)$16.
B)$128.
C)$100.
D)$116.
E)$30.
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41
Use the table below to answer the following question.
Table 11.2.4
Refer to Table 11.2.4.The market is perfectly competitive and there are 1,000 firms that produce paper. The top table sets out the market demand schedule for paper.
Each producer of paper has the costs shown in the bottom table when it uses its least-cost plant size.
The market price is ________ a box and the market output is ________ boxes.The output produced by each firm is ________ boxes.Each firm ________.
A)$7.00;250,000;250;incurs an economic loss of $1,000 a week
B)$8.40;350,000;350;makes zero economic profit
C)$7.65;300,000;300;incurs an economic loss of $834 a week
D)$8.40;350,000;350;incurs an economic loss of $581 a week
E)$7.65;350,000;300;makes zero economic profit
Table 11.2.4
Refer to Table 11.2.4.The market is perfectly competitive and there are 1,000 firms that produce paper. The top table sets out the market demand schedule for paper.
Each producer of paper has the costs shown in the bottom table when it uses its least-cost plant size.
The market price is ________ a box and the market output is ________ boxes.The output produced by each firm is ________ boxes.Each firm ________.
A)$7.00;250,000;250;incurs an economic loss of $1,000 a week
B)$8.40;350,000;350;makes zero economic profit
C)$7.65;300,000;300;incurs an economic loss of $834 a week
D)$8.40;350,000;350;incurs an economic loss of $581 a week
E)$7.65;350,000;300;makes zero economic profit
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42
In a perfectly competitive market,the market price is $8.An individual firm is producing the output at which MC = $8.AVC at that output is $10.What should the firm do to maximize its economic profit in the short run?
A)shut down
B)expand output
C)contract output but continue to produce
D)leave output unchanged
E)raise the price
A)shut down
B)expand output
C)contract output but continue to produce
D)leave output unchanged
E)raise the price
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43
Use the figure below to answer the following question. Figure 11.2.1
Refer to Figure 11.2.1,which shows a perfectly competitive firm's total revenue and total cost curves.Which one of the following statements is false?
A)Economic profit is the vertical distance between the total revenue curve and the total cost curve.
B)At an output of Q1 units a day,the firm makes zero economic profit.
C)At an output greater than Q3 units a day,the firm incurs an economic loss.
D)At an output of Q2 units a day,the firm incurs an economic loss.
E)At an output less than Q1 units a day,the firm incurs an economic loss.
Figure 11.2.1Refer to Figure 11.2.1,which shows a perfectly competitive firm's total revenue and total cost curves.Which one of the following statements is false?
A)Economic profit is the vertical distance between the total revenue curve and the total cost curve.
B)At an output of Q1 units a day,the firm makes zero economic profit.
C)At an output greater than Q3 units a day,the firm incurs an economic loss.
D)At an output of Q2 units a day,the firm incurs an economic loss.
E)At an output less than Q1 units a day,the firm incurs an economic loss.
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44
A perfectly competitive firm's supply curve is the same as its marginal cost curve at all prices above minimum
A)average total cost.
B)average fixed cost.
C)total cost.
D)average variable cost.
E)total variable cost.
A)average total cost.
B)average fixed cost.
C)total cost.
D)average variable cost.
E)total variable cost.
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45
If a perfectly competitive firm is producing in the short run at an output where price is less than average total cost,the firm
A)will shut down.
B)is breaking even.
C)is still making a positive economic profit.
D)is incurring an economic loss but will continue to operate as long as price is above minimum average fixed cost.
E)is incurring an economic loss but will continue to operate as long as price is above minimum average variable cost.
A)will shut down.
B)is breaking even.
C)is still making a positive economic profit.
D)is incurring an economic loss but will continue to operate as long as price is above minimum average fixed cost.
E)is incurring an economic loss but will continue to operate as long as price is above minimum average variable cost.
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46
Use the figure below to answer the following questions. Figure 11.2.2
Refer to Figure 11.2.2,which shows a perfectly competitive firm's economic profit and loss.The firm is incurring a loss at
A)point A.
B)point B.
C)point C.
D)point D.
E)both points B and D.
Figure 11.2.2Refer to Figure 11.2.2,which shows a perfectly competitive firm's economic profit and loss.The firm is incurring a loss at
A)point A.
B)point B.
C)point C.
D)point D.
E)both points B and D.
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47
In the price range above minimum average variable cost,a perfectly competitive firm's supply curve is
A)horizontal at the market price.
B)vertical at zero output.
C)the same as its marginal cost curve.
D)the same as its average variable cost curve.
E)the same as its total variable cost curve.
A)horizontal at the market price.
B)vertical at zero output.
C)the same as its marginal cost curve.
D)the same as its average variable cost curve.
E)the same as its total variable cost curve.
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48
If price falls below minimum average variable cost,the best a firm can do is
A)increase production and incur a loss equal to total variable cost.
B)increase production and incur a loss equal to total fixed cost.
C)stop production and incur a loss equal to total fixed cost.
D)stop production and incur a loss equal to total variable cost.
E)stay at the same production level and incur a loss equal to the difference between total cost and total revenue.
A)increase production and incur a loss equal to total variable cost.
B)increase production and incur a loss equal to total fixed cost.
C)stop production and incur a loss equal to total fixed cost.
D)stop production and incur a loss equal to total variable cost.
E)stay at the same production level and incur a loss equal to the difference between total cost and total revenue.
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49
A perfectly competitive firm is maximizing profit or minimizing loss if it is producing the quantity at which
A)marginal cost equals price and price is not below minimum average variable cost.
B)marginal cost equals price and price is not below minimum average fixed cost.
C)total revenue is at a maximum.
D)average variable cost is at a minimum.
E)average total cost is at a minimum.
A)marginal cost equals price and price is not below minimum average variable cost.
B)marginal cost equals price and price is not below minimum average fixed cost.
C)total revenue is at a maximum.
D)average variable cost is at a minimum.
E)average total cost is at a minimum.
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50
If a perfectly competitive firm is producing an output at which price is equal to minimum average total cost,the firm
A)should shut down.
B)is breaking even.
C)is making an economic profit.
D)is incurring an economic loss.
E)is not producing its profit-maximizing quantity.
A)should shut down.
B)is breaking even.
C)is making an economic profit.
D)is incurring an economic loss.
E)is not producing its profit-maximizing quantity.
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51
The maximum loss a firm will experience in the short run equals
A)zero.
B)its total fixed cost.
C)its total variable cost.
D)its total cost.
E)its marginal cost.
A)zero.
B)its total fixed cost.
C)its total variable cost.
D)its total cost.
E)its marginal cost.
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52
If a perfectly competitive firm's marginal revenue is greater than its marginal cost,the firm
A)cannot increase its economic profit.
B)must be making an economic profit.
C)will decrease its output to increase economic profit.
D)will increase its output to increase economic profit.
E)will lower the price.
A)cannot increase its economic profit.
B)must be making an economic profit.
C)will decrease its output to increase economic profit.
D)will increase its output to increase economic profit.
E)will lower the price.
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53
In a perfectly competitive market,a firm maximizes its profit by producing the quantity of output at which
A)market price equals average fixed cost.
B)market price equals marginal cost.
C)average variable cost equals average fixed cost.
D)market price equals minimum average variable cost.
E)market price equals marginal revenue.
A)market price equals average fixed cost.
B)market price equals marginal cost.
C)average variable cost equals average fixed cost.
D)market price equals minimum average variable cost.
E)market price equals marginal revenue.
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54
A firm is producing the profit-maximizing amount of output when it is producing where its ________ curve intersects its ________ curve.
A)marginal cost;average total cost
B)marginal cost;average variable cost
C)marginal cost;marginal revenue
D)average total cost;average variable cost
E)total cost;total revenue
A)marginal cost;average total cost
B)marginal cost;average variable cost
C)marginal cost;marginal revenue
D)average total cost;average variable cost
E)total cost;total revenue
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55
If a perfectly competitive firm's marginal revenue is less than its marginal cost,the firm
A)cannot increase its economic profit.
B)must be making an economic profit.
C)will decrease its output to increase economic profit.
D)will increase its output to increase economic profit.
E)must raise the price.
A)cannot increase its economic profit.
B)must be making an economic profit.
C)will decrease its output to increase economic profit.
D)will increase its output to increase economic profit.
E)must raise the price.
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56
In the price range below minimum average variable cost,a perfectly competitive firm's supply curve is
A)horizontal at the market price.
B)vertical at zero output.
C)the same as its marginal cost curve.
D)the same as its average variable cost curve.
E)the same as its total variable cost curve.
A)horizontal at the market price.
B)vertical at zero output.
C)the same as its marginal cost curve.
D)the same as its average variable cost curve.
E)the same as its total variable cost curve.
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57
A firm maximizes profit by producing the output at which marginal cost equals
A)marginal revenue.
B)minimum average total cost.
C)minimum average variable cost.
D)average fixed cost.
E)total revenue.
A)marginal revenue.
B)minimum average total cost.
C)minimum average variable cost.
D)average fixed cost.
E)total revenue.
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58
Use the figure below to answer the following questions. Figure 11.2.2
Refer to Figure 11.2.2,which shows a perfectly competitive firm's economic profit and loss.The firm is breaking even at points
A)A and C.
B)A and D.
C)B and C.
D)B and D.
E)C and D.
Figure 11.2.2Refer to Figure 11.2.2,which shows a perfectly competitive firm's economic profit and loss.The firm is breaking even at points
A)A and C.
B)A and D.
C)B and C.
D)B and D.
E)C and D.
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59
The shutdown point occurs at the point of minimum
A)marginal cost.
B)average variable cost.
C)average fixed cost.
D)total cost.
E)average total cost.
A)marginal cost.
B)average variable cost.
C)average fixed cost.
D)total cost.
E)average total cost.
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60
A perfectly competitive firm is producing at the point at which marginal cost equals marginal revenue. If the firm increases production,total revenue ________ and economic profit ________.
A)increases;increases
B)increases;decreases
C)decreases;decreases
D)decreases;increases
E)increases;remains unchanged
A)increases;increases
B)increases;decreases
C)decreases;decreases
D)decreases;increases
E)increases;remains unchanged
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61
Use the table below to answer the following questions.
Table 11.2.5
Refer to Table 11.2.5.Archibald's Tattoos is a perfectly competitive firm.The firm's total costs are shown in the table.The price at Archibald's shut-down point is
A)$10.00.
B)$15.00.
C)$12.50.
D)$13.33.
E)$17.00.
Table 11.2.5
Refer to Table 11.2.5.Archibald's Tattoos is a perfectly competitive firm.The firm's total costs are shown in the table.The price at Archibald's shut-down point is
A)$10.00.
B)$15.00.
C)$12.50.
D)$13.33.
E)$17.00.
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62
In a perfectly competitive market,the short-run market supply curve is
A)the horizontal sum of the supply curves of all the individual firms.
B)the vertical sum of the supply curves of all the individual firms.
C)vertical at the total level of output being produced by all firms.
D)horizontal at the current market price.
E)upward sloping with a constant slope.
A)the horizontal sum of the supply curves of all the individual firms.
B)the vertical sum of the supply curves of all the individual firms.
C)vertical at the total level of output being produced by all firms.
D)horizontal at the current market price.
E)upward sloping with a constant slope.
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63
Use the figure below to answer the following question. Figure 11.3.3
Refer to Figure 11.3.3,which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive industry.The firm is
A)making an economic profit.
B)incurring an economic loss.
C)breaking even.
D)at its shutdown point.
E)larger than the other firms in the industry.
Figure 11.3.3Refer to Figure 11.3.3,which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive industry.The firm is
A)making an economic profit.
B)incurring an economic loss.
C)breaking even.
D)at its shutdown point.
E)larger than the other firms in the industry.
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64
Use the table below to answer the following questions.
Table 11.2.5
Refer to Table 11.2.5.Archibald's Tattoos is a perfectly competitive firm.The firm's total costs are shown in the table.If the price of a tattoo is $12.50,Archibald's economic profit is
A)-$10.00 an hour.
B)zero.
C)$12.50 an hour.
D)$10.00 an hour.
E)maximized.
Table 11.2.5
Refer to Table 11.2.5.Archibald's Tattoos is a perfectly competitive firm.The firm's total costs are shown in the table.If the price of a tattoo is $12.50,Archibald's economic profit is
A)-$10.00 an hour.
B)zero.
C)$12.50 an hour.
D)$10.00 an hour.
E)maximized.
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65
If a profit-maximizing firm in a perfectly competitive market is incurring an economic loss,then it must be producing a level of output where
A)price is greater than marginal cost.
B)price is greater than marginal revenue.
C)marginal cost is greater than marginal revenue.
D)average total cost is greater than marginal cost.
E)average total cost is less than marginal cost.
A)price is greater than marginal cost.
B)price is greater than marginal revenue.
C)marginal cost is greater than marginal revenue.
D)average total cost is greater than marginal cost.
E)average total cost is less than marginal cost.
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66
In which one of the following situations will a perfectly competitive firm incur an economic loss?
A)MR > AVC
B)MR > ATC
C)ATC < MC
D)ATC > MR
E)MC > AVC
A)MR > AVC
B)MR > ATC
C)ATC < MC
D)ATC > MR
E)MC > AVC
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67
Use the figure below to answer the following question. Figure 11.3.4
Refer to Figure 11.3.4,which shows the cost curves of Paul's Picture Frames Inc.The picture frame market is perfectly competitive and the market price is $12 a frame.Paul produces ________ frames each day and makes daily total revenue of ________.
A)20;$240
B)20;$96
C)zero;zero
D)30;$360
E)30;zero
Figure 11.3.4Refer to Figure 11.3.4,which shows the cost curves of Paul's Picture Frames Inc.The picture frame market is perfectly competitive and the market price is $12 a frame.Paul produces ________ frames each day and makes daily total revenue of ________.
A)20;$240
B)20;$96
C)zero;zero
D)30;$360
E)30;zero
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68
Use the information below to answer the following questions.
Fact 11.2.1 GM to Cut Production and Jobs
General Motors will temporarily idle five U.S.assembly plants that build sedans and coupes,such as the Chevrolet Cruze,Cadillac CTS,and Chevy Camaro,as American motorists by the millions shift from passenger cars to utility vehicles and other light trucks.
Source: The Toronto Star,December 21,2016
Refer to Fact 11.2.1.The shutdown decision ________ total fixed cost and ________ total variable cost.
A)decreases;decreases
B)does not change;decreases
C)does not change;does not change
D)increases;does not change
E)does not change;increases
Fact 11.2.1 GM to Cut Production and Jobs
General Motors will temporarily idle five U.S.assembly plants that build sedans and coupes,such as the Chevrolet Cruze,Cadillac CTS,and Chevy Camaro,as American motorists by the millions shift from passenger cars to utility vehicles and other light trucks.
Source: The Toronto Star,December 21,2016
Refer to Fact 11.2.1.The shutdown decision ________ total fixed cost and ________ total variable cost.
A)decreases;decreases
B)does not change;decreases
C)does not change;does not change
D)increases;does not change
E)does not change;increases
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69
Use the figure below to answer the following question. Figure 11.3.2
Refer to Figure 11.3.2,which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive industry,The firm is
A)making an economic profit.
B)incurring an economic loss.
C)breaking even.
D)not maximizing economic profit.
E)going to close down temporarily.
Figure 11.3.2Refer to Figure 11.3.2,which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive industry,The firm is
A)making an economic profit.
B)incurring an economic loss.
C)breaking even.
D)not maximizing economic profit.
E)going to close down temporarily.
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70
Use the figure below to answer the following question. Figure 11.3.5
Refer to Figure 11.3.5,which shows the cost curves and the marginal revenue curve for a perfectly competitive firm.To maximize profit,the firm produces ________ units of output and the price is ________ a unit.
A)30;$40
B)30;$30
C)20;$40
D)20;$30
E)30;$32.50
Figure 11.3.5Refer to Figure 11.3.5,which shows the cost curves and the marginal revenue curve for a perfectly competitive firm.To maximize profit,the firm produces ________ units of output and the price is ________ a unit.
A)30;$40
B)30;$30
C)20;$40
D)20;$30
E)30;$32.50
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71
Use the figure below to answer the following questions. Figure 11.3.1
Refer to Figure 11.3.1,which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive industry.In the short run,the firm will
A)exit from the industry if price is greater than average variable cost.
B)break even.
C)make an economic profit.
D)incur an economic loss if price is greater than average variable cost.
E)raise the price.
Figure 11.3.1Refer to Figure 11.3.1,which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive industry.In the short run,the firm will
A)exit from the industry if price is greater than average variable cost.
B)break even.
C)make an economic profit.
D)incur an economic loss if price is greater than average variable cost.
E)raise the price.
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72
In the short run,a firm in a perfectly competitive market
A)can make an economic profit,incur an economic loss,or break even.
B)always makes an economic profit.
C)chooses the price that maximizes its economic profit.
D)chooses the price that minimizes its marginal cost.
E)shuts down if it incurs an economic loss.
A)can make an economic profit,incur an economic loss,or break even.
B)always makes an economic profit.
C)chooses the price that maximizes its economic profit.
D)chooses the price that minimizes its marginal cost.
E)shuts down if it incurs an economic loss.
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73
Use the information below to answer the following questions.
Fact 11.4.1
Franklin is a fiddlehead farmer.He sold 10 bags of fiddleheads last month,with total fixed cost of $100 and total variable cost of $50.
Refer to Fact 11.4.1.If the price of fiddleheads last month was $15 per bag,Franklin
A)should have shut down because total revenue did not cover total variable cost.
B)incurred an economic loss of $135.
C)made zero economic profit.
D)made an economic profit of $50.
E)made an economic profit of $100.
Fact 11.4.1
Franklin is a fiddlehead farmer.He sold 10 bags of fiddleheads last month,with total fixed cost of $100 and total variable cost of $50.
Refer to Fact 11.4.1.If the price of fiddleheads last month was $15 per bag,Franklin
A)should have shut down because total revenue did not cover total variable cost.
B)incurred an economic loss of $135.
C)made zero economic profit.
D)made an economic profit of $50.
E)made an economic profit of $100.
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74
Use the figure below to answer the following questions. Figure 11.3.1
Refer to Figure 11.3.1,which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive industry.In the short run,if the market price of the good is $10,the firm produces ________ units of output and ________.
A)10;incurs an economic loss of $20
B)10;incurs an economic loss of $40
C)less than 10;incurs an economic loss of $20
D)10;makes an economic profit of $20
E)less than 10;incurs an economic loss of less than $20
Figure 11.3.1Refer to Figure 11.3.1,which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive industry.In the short run,if the market price of the good is $10,the firm produces ________ units of output and ________.
A)10;incurs an economic loss of $20
B)10;incurs an economic loss of $40
C)less than 10;incurs an economic loss of $20
D)10;makes an economic profit of $20
E)less than 10;incurs an economic loss of less than $20
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75
If a profit-maximizing firm in a perfectly competitive market is making an economic profit,then it must be producing a level of output where
A)price is greater than marginal cost.
B)price is greater than marginal revenue.
C)marginal cost is greater than marginal revenue.
D)marginal cost is greater than average total cost.
E)average total cost is greater than marginal cost.
A)price is greater than marginal cost.
B)price is greater than marginal revenue.
C)marginal cost is greater than marginal revenue.
D)marginal cost is greater than average total cost.
E)average total cost is greater than marginal cost.
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76
In a perfectly competitive market,which of the following increases the price that the firms charge in the short run?
A)an increase in the number of firms
B)an increase in the price of a good that is a complement of the good produced in this market
C)an increase in market supply
D)a decrease in the price of a good that is a substitute for the good produced in this market
E)an increase in market demand
A)an increase in the number of firms
B)an increase in the price of a good that is a complement of the good produced in this market
C)an increase in market supply
D)a decrease in the price of a good that is a substitute for the good produced in this market
E)an increase in market demand
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77
Use the information below to answer the following questions.
Fact 11.2.1 GM to Cut Production and Jobs
General Motors will temporarily idle five U.S.assembly plants that build sedans and coupes,such as the Chevrolet Cruze,Cadillac CTS,and Chevy Camaro,as American motorists by the millions shift from passenger cars to utility vehicles and other light trucks.
Source: The Toronto Star,December 21,2016
Refer to Fact 11.2.1.GM will start producing the Chevy Volt again when price is greater than
A)average variable cost.
B)total variable cost.
C)average fixed cost.
D)total fixed cost.
E)total cost.
Fact 11.2.1 GM to Cut Production and Jobs
General Motors will temporarily idle five U.S.assembly plants that build sedans and coupes,such as the Chevrolet Cruze,Cadillac CTS,and Chevy Camaro,as American motorists by the millions shift from passenger cars to utility vehicles and other light trucks.
Source: The Toronto Star,December 21,2016
Refer to Fact 11.2.1.GM will start producing the Chevy Volt again when price is greater than
A)average variable cost.
B)total variable cost.
C)average fixed cost.
D)total fixed cost.
E)total cost.
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78
In which one of the following situations will a perfectly competitive firm make an economic profit?
A)MR > AVC
B)MR > ATC
C)ATC > MC
D)ATC > MR
E)MC > AVC
A)MR > AVC
B)MR > ATC
C)ATC > MC
D)ATC > MR
E)MC > AVC
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79
Use the information below to answer the following questions.
Fact 11.2.1 GM to Cut Production and Jobs
General Motors will temporarily idle five U.S.assembly plants that build sedans and coupes,such as the Chevrolet Cruze,Cadillac CTS,and Chevy Camaro,as American motorists by the millions shift from passenger cars to utility vehicles and other light trucks.
Source: The Toronto Star,December 21,2016
Refer to Fact 11.2.1.The shutdown decision maximizes GM's economic profit (or minimizes its loss)when price is less than
A)average variable cost.
B)total variable cost.
C)average fixed cost.
D)total fixed cost.
E)average total cost.
Fact 11.2.1 GM to Cut Production and Jobs
General Motors will temporarily idle five U.S.assembly plants that build sedans and coupes,such as the Chevrolet Cruze,Cadillac CTS,and Chevy Camaro,as American motorists by the millions shift from passenger cars to utility vehicles and other light trucks.
Source: The Toronto Star,December 21,2016
Refer to Fact 11.2.1.The shutdown decision maximizes GM's economic profit (or minimizes its loss)when price is less than
A)average variable cost.
B)total variable cost.
C)average fixed cost.
D)total fixed cost.
E)average total cost.
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80
A firm in a perfectly competitive industry is maximizing its economic profit by producing 500 units of output.At 500 units of output,which one of the following must be false?
A)MC < AVC
B)MC < ATC
C)MC > ATC
D)MR < ATC
E)MR > AVC
A)MC < AVC
B)MC < ATC
C)MC > ATC
D)MR < ATC
E)MR > AVC
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