m.: SEM nonth a each. T 43 Equilibrium of a Firm and Industry in Perfect Competition Select the correct answer from the alternatives given and rewrite the answer: B. 9 and maxim A firm's equilibrium output is produced at a point (b) МС> МR (a) MC = MR (c) MC < MR In the long-run all cost are ownwa rm face 12 (a) fixed (c) avoidable 3. (b) variable In perfect competition, the actions of an individual buyer or seller will (a) Have no impact on the market price (b) Have some impact on production (c) Have a significant impact on market supply (d) Have a significant impact on market demand 4. s in Ind If a firm in a perfectly competitive market doubles the number of units of output sold, then total revenue will (a) More than triple (c) Exactly double Sellers will have little reason to charge less than the going market price because (a) There will be few buyers in the market (b) There will be few sellers in the market (c) Buyers will have greater advantage (d) Goods sold are homogenous (b) Halve (d) Remain constant it, norm VC for ts. differe A firm in perfect competition, might decide to set its price below the market price, because (a) This would result in higher total revenue (b) This would result in higher profits (c) This would result in lower marginal cost (d) None of the above is correct 7. 6. Cost 8x(00 Suppose a firm in a competitive market produces and sells 100 units of output and has a marginal revenue of 8.00, What would be the firm's total revenue if it instead produces and sold 200 units of output? (b) 1000.00 (d) 2000.00 (a) 1600.00 Y 7 800.00 If a firm in perfect competition earns 1000 in total revenue and has marginal revenue of 10. What is the average revenue per unit, and how many units were sold ? (a) 75 and 50 perfe8 (b) 5 and 100 (d) 10 and 100 (c) 10 and 50
m.: SEM nonth a each. T 43 Equilibrium of a Firm and Industry in Perfect Competition Select the correct answer from the alternatives given and rewrite the answer: B. 9 and maxim A firm's equilibrium output is produced at a point (b) МС> МR (a) MC = MR (c) MC < MR In the long-run all cost are ownwa rm face 12 (a) fixed (c) avoidable 3. (b) variable In perfect competition, the actions of an individual buyer or seller will (a) Have no impact on the market price (b) Have some impact on production (c) Have a significant impact on market supply (d) Have a significant impact on market demand 4. s in Ind If a firm in a perfectly competitive market doubles the number of units of output sold, then total revenue will (a) More than triple (c) Exactly double Sellers will have little reason to charge less than the going market price because (a) There will be few buyers in the market (b) There will be few sellers in the market (c) Buyers will have greater advantage (d) Goods sold are homogenous (b) Halve (d) Remain constant it, norm VC for ts. differe A firm in perfect competition, might decide to set its price below the market price, because (a) This would result in higher total revenue (b) This would result in higher profits (c) This would result in lower marginal cost (d) None of the above is correct 7. 6. Cost 8x(00 Suppose a firm in a competitive market produces and sells 100 units of output and has a marginal revenue of 8.00, What would be the firm's total revenue if it instead produces and sold 200 units of output? (b) 1000.00 (d) 2000.00 (a) 1600.00 Y 7 800.00 If a firm in perfect competition earns 1000 in total revenue and has marginal revenue of 10. What is the average revenue per unit, and how many units were sold ? (a) 75 and 50 perfe8 (b) 5 and 100 (d) 10 and 100 (c) 10 and 50
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter9: Price Takers And The Competitive Process
Section: Chapter Questions
Problem 15CQ
Related questions
Question
Transcribed Image Text:B.Com.: SEM
43
per month
40 each. T
Equilibrium of a Firm and Industry in Perfect Competition
Select the corect answer from the alternatives given and rewrite
B.
* 39 and
To maxim
the answer:
A firm's equilibrium output is produced at a point
(b) MC> MR
1.
(a) MC = MR
(c) MC < MR
In the long-run all cost are
a downwa
al firm face
2.
(a) fixed
(c) avoidable
(b) variable
In perfect competition, the actions of an individual buyer or seller will
(a) Have no impact on the market price
(b) Have some impact on production
(c) Have a significant impact on market supply
(d) Have a significant impact on market demand
4.
3.
«dities in Ind
If a firm in a perfectly competitive market doubles the number of
units of output sold, then total revenue will
(a) More than triple
(c) Exactly double
5.
profit, norm
(b) Halve
(d) Remain constant
Sellers will have little reason to charge less than the going market
price because
(a) There will be few buyers in the market
(b) There will be few sellers in the market
(c) Buyers will have greater advantage
(d) Goods sold are homogenous
A firm in perfect competition, might decide to set its price below the
market price, because
(a) This would result in higher total revenue
(b) This would result in higher profits
(c) This would result in lower marginal cost
Fy.
and TVC for
l costs.
earn differe
6.
ntial Cost
8x100
(d) None of the above is correct
7.
Suppose a firm in a competitive market produces and sells 100 units
of output and has a marginal revenue of 7 8.00. What would be the
firm's total revenue if it instead produces and sold 200 units of output?
(b) 1000.00
(d) 2000.00
(a) 1600.00
O 800.00
If a firm in perfect competition earns 1000 in total revenue and has
marginal revenue of 10. What is the average revenue per unit, and
how many units were sold ?
ander perfe8.
(b) 5 and 100
(a) 5 and 50
(c) 10 and 50
(d) 10 and 100
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