A price-taking firm’s short-run supply curve

Assignment Help Business Economics

Reference no: EM13817034

1. A price-taking firm’s short-run supply curve is

a. the portion of its marginal cost curve above the average variable cost curve.

b. its average total cost curve.

c. its average variable cost curve.

d. its entire marginal cost curve. e. none of the above.

2. Which of the following is incorrect?

a. For a firm facing a downward-sloping demand curve, marginal revenue will be less than price.

b. In making output decisions, a firm should produce the output level for which marginal revenue equals marginal cost.

c. A price-taking firm will maximize profits by choosing that level of output for which price equals marginal cost.

d. The demand curve facing a price-taking firm is downward-sloping to the rig

Reference no: EM13817034

Questions Cloud

Advantages and disadvantages of six sigma : What are the advantages and disadvantages of Six Sigma? Would you implement it in your organization? Why or why not?

Discuss the key elements of pert cpm to include assumptions : discuss the key elements of PERT/CPM to include (but not limited to) assumptions, how it works, and expected outcomes.

Brians post surgical pain : Brians Post Surgical Pain

Why irc 37-2012 has taken 90 percentile for pavement design : Why IRC 37-2012 has taken 90th percentile for pavement design of expressway or NH while they hav taken 80th percentile for state highway design?

A price-taking firm’s short-run supply curve : A price-taking firm’s short-run supply curve is. For a firm facing a downward-sloping demand curve, marginal revenue will be less than price. In making output decisions, a firm should produce the output level for which marginal revenue equals margina..

Increasing returns to scale in production means : Increasing returns to scale in production means. The demand curve facing a price-making firm is. In the long run all production inputs are variable. Decreasing returns to scale prevail when output increases by a proportion that is smaller than the pr..

Firms total cost of producing-average variable costs : A firm’s total cost of producing 50 units of output is $1,000. At this output level, average fixed costs are equal to $10. It follows that the firm’s average variable costs are equal to? To maximize profits, a price-taking (i.e., competitive) firm sh..

Brand name probability : Brand Name Probability

Explain knowledge-management repository : Why do all the business units in an organization that use technology need to be involved in developing management information systems. How does that relate to the goal that a "knowledge-management repository" can be used throughout the organizatio..

User Account

All Pages