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Select the correct answer from the alternatives given and rewrite B. the answer: 1. A firm's equilibrium output is produced at a point MC MR (a) (c) MC < MR In the long-run all cost are (b) МС> MR 2. (a) fixed (c) avoidable 3. 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 (b) variable

Select the correct answer from the alternatives given and rewrite B. the answer: 1. A firm's equilibrium output is produced at a point MC MR (a) (c) MC < MR In the long-run all cost are (b) МС> MR 2. (a) fixed (c) avoidable 3. 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 (b) variable

Microeconomics: Private and Public Choice (MindTap Course List)
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
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B.Com.: SEM 43 per month a 40 each. B. 3 39 and Equilibrium of a Firm and Industry in Perfect Competition Select the corect answer from the alternatives given and rewrite the answer: To maxim A firm's equilibrium output is produced at a point (a) MC = MR (c) MC< MR In the long-run all cost are (a) fixed (c) avoidable 3. (b) MC> MR a downwa2 al firm face (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. 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. (b) Halve (d) Remain constant profit, norm 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 y. nd TVC for costs. (c) Buyers will have greater advantage (d) Goods sold are homogenous 6. earn 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. tial Cost 8x100 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? (a) 1600.00 (Yマ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) マ5 and 50 (c) 10 and 50 (b) マ1000.00 (d) 2000.00 nder perfe (b) 5 and 100 (d) 10 and 100
Transcribed Image Text:B.Com.: SEM 43 per month a 40 each. B. 3 39 and Equilibrium of a Firm and Industry in Perfect Competition Select the corect answer from the alternatives given and rewrite the answer: To maxim A firm's equilibrium output is produced at a point (a) MC = MR (c) MC< MR In the long-run all cost are (a) fixed (c) avoidable 3. (b) MC> MR a downwa2 al firm face (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. 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. (b) Halve (d) Remain constant profit, norm 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 y. nd TVC for costs. (c) Buyers will have greater advantage (d) Goods sold are homogenous 6. earn 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. tial Cost 8x100 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? (a) 1600.00 (Yマ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) マ5 and 50 (c) 10 and 50 (b) マ1000.00 (d) 2000.00 nder perfe (b) 5 and 100 (d) 10 and 100
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