Completed quickly and followed instructions given. Grammar, spelling, etc. was all good as well. Thank you so much! Will hire in the future.
Which of the following does not characterize a perfectly competitive firm that has shut down in the short run?
Question 1 options:
total revenue equals zero
variable costs equal zero
the firm suffers a loss
fixed cost is positive
fixed cost is zero
Question 2 (2.5 points)
Perfectly competitive firms are price takers because
Question 2 options:
all small firms must take the price set by the largest firm in the market
firms take the price that government determines is a “fair” price
each firm is small and goods are perfect substitutes for one another
free entry and exit in the short run creates a constant market price in the long run
high barriers to entry force firms to compete by charging lower prices than other firms in the industry
Question 3 (2.5 points)
If the market price in Exhibit 8-13 is $6, what is the greatest possible short-run profit for this perfectly competitive firm?
Question 3 options:
Question 4 (2.5 points)
If, as a firm increases its rate of output, total cost increases as well,
Question 4 options:
profit cannot be maximized
revenue cannot be maximized
cost cannot be minimized
marginal cost is increasing
marginal cost is positive
Question 5 (2.5 points)
Which point in Exhibit 8-3 indicates the quantity at which this firm will maximize profit?
Question 5 options:
either point b or point d
Question 6 (2.5 points)
Perfectly competitive firms respond to changing market conditions by varying their
Question 6 options:
Question 7 (2.5 points)
Which of the following would not help identify market structure?
Question 7 options:
number of firms in the industry
type of product produced in the industry
ease of entry into the industry
forms of competition among firms in the industry
price of the good
Question 8 (2.5 points)
Which of the following is not characteristic of perfect competition?
Question 8 options:
many buyers and sellers
brand name advertising
fully informed buyers and sellers
free entry and exit of firms
Question 9 (2.5 points)
Which of the following is not necessarily a characteristic of perfect competition?
Question 9 options:
a large number of buyers and sellers
a homogeneous product
easy entry and exit in the long run
Question 10 (2.5 points)
Business-class airline tickets cost much more than coach-class tickets because, compared to householders, businesspeople’s demand for travel is
Question 10 options:
not a factor in the cost of airline tickets
Question 11 (2.5 points)
In the short run, if a firm shuts down, its loss is equal to
Question 11 options:
its variable costs
its fixed costs
fixed costs minus variable costs
fixed costs minus total revenue
Question 12 (2.5 points)
In Exhibit 9-18, how does market segment A differ from market segment B?
Question 12 options:
demand is relatively more elastic in segment A than in segment B
demand is relatively more income elastic in segment A than in segment B
demand is relatively more income elastic in segment B than in segment A
there are more consumers in segment A than in segment B
demand is relatively more inelastic in segment A than in segment B
Question 13 (2.5 points)
An industry consists of all firms that supply output to a particular market.
Question 13 options:
Question 14 (2.5 points)
In Exhibit 9-1, the marginal revenue of the sixth unit is
Question 14 options:
Question 15 (2.5 points)
From the following demand schedule for a monopolist, what is the marginal revenue associated with the sale of the fourth unit?
Question 15 options:
marginal revenue cannot be determined from the information given
Question 16 (2.5 points)
Monopolists always earn positive short-run economic profit.
Question 16 options:
Question 17 (2.5 points)
A natural monopoly results when a firm has
Question 17 options:
official approval to produce a product
decreasing average costs over the range of market demand
exclusive use of a natural resource
Question 18 (2.5 points)
The profit-maximizing output and price for the firm in Exhibit 9-3, which charges the same price to all customers, are
Question 18 options:
117 and $14
150 and $22
150 and $14
117 and $22
117 and $24
Question 19 (2.5 points)
In Exhibit 9-2, the marginal revenue of the fourth unit is
Question 19 options:
Questio 20 (2.5 points)
The total revenue for the firm in Exhibit 9-3, a monopolist that maximizes profit while charging all customers the same price, is
Question 20 options:
Question 21 (2.5 points)
For a monopolist, P < MR at all quantities.
Question 21 options:
Question 22 (2.5 points)
For a monopolist, if marginal revenue is $40, total revenue is
Question 22 options:
Question 23 (2.5 points)
Which of the following is true of monopoly?
Question 23 options:
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more