Reference no: EM13182832
1. If there are many firms in an industry and each firm's product is indistinguishable from the products of all other firms, the individual firm's demand curve will be
a. Upward sloping and different for each firm
b.Downward sloping and, different for each firm
c.Downward sloping and identical for every firm
d.Horizontal and different for each firm
e.Horizontal and identical for every firm
2.Assume that a profit-maximizing, perfectly competitive firm has economic losses in the short run. If the firm continues to produce and sell its goods, then which of the following must be true?
a. The firm is covering all of its fixed and variable costs of production.
b.The firm is covering all of its fixed costs but not all of its variable costs of production.
c.The firm should shut down because it is covering all of its variable costs of production.
d.The firm is covering all of its variable costs of production but not all of its fixed costs.
e.The firm must have raised the price of its goods in order to minimize its losses.
3.At its current output level, a perfectly competitive firm's marginal revenue exceeds marginal cost and average variable cost. To maximize profit, the firm should
a.Maintain its current output level
b.Increase its price
c.Increase its output level
d.Decrease its price
e.Decrease its output level
4. Assume that a profit-maximizing firm is perfectly competitive in both the output and the factor markets and is at its long-run equilibrium. The firm's output is 100 units, its total revenue is $600.00, and the fixed cost of production is $50.00. Based on this information, which of the following is true for the firm?
a. Its marginal cost is $5.50, and its average total cost is $5.50.
b. Its marginal cost is $5.50, and its average variable cost is $5.50.
c. Its marginal cost is $6.00, and its average total cost is $5.50.
d. Its marginal cost is $6.00, and its average fixed cost is $5.50.
e. Its marginal cost is $6.00, and its average variable cost is $5.50.
5. A profit-maximizing firm minimizes its loss by shutting down in the short run if the market price for its product is
a. Greater than its average total cost
b.Less than its average total cost
c.Greater than its average variable cost
d.Less than its average variable cost
e. Greater than its marginal cost
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