60. A perfectly competitive firm will maximize profit when: a. marginal revenue is equal to marginal cost. b. marginal revenue is less than average cost. c. marginal revenue is equal to average total cost. d. marginal revenue is greater than marginal cost.
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- In Long-Run Competitive Equilibrium it is included as a cost and are not included in economic profit. a. profit maximization b. zero profit condition c. normal profit d. none of thisA competitive firm maximizes profit by choosing thequantity at whicha. average total cost is at its minimum.b. marginal cost equals the price.c. average total cost equals the price.d. marginal cost equals average total cost.A perfectly competitive firm maximizes its profit by producing the output at which its marginal cost equals its Select one: a. average variable cost. b. marginal revenue. c. average total cost. d. average fixed cost. Clear my choice
- A perfectly competitive firm is producing at the point where its marginal cost equals the price of the product. If it increasese its ouput, its total revenue will a. fall and its profits will rise. b. rise and its profits will fall. c. fall and its profits will fall. d. rise and its profits will rise.In the long run, firms in a competitive marketA.earn positive accounting profit, but zero economic profit.B.earn zero accounting profit and zero economic profit.C.shut down because their accounting profit goes to zero.D.earn negative accounting profit, but positive economic profit.For a perfectly competitive firm operating in the short run, in order to maximize profits it should produce output where: a.marginal cost equals average variable cost. b.marginal cost equals average total cost. c.marginal cost equals price. d.total cost equals total revenue.
- For a perfectly competitive firm operating in the short run, in order to maximize profits it should produce output where: a. marginal cost equals average variable cost. b. marginal cost equals average total cost. c. total cost equals total revenue. d. marginal cost equals price.12. If a competitive firm is currently producing a level of output at which profit is not maximized, then it must be true thata. marginal revenue exceeds marginal cost.b. marginal cost exceeds marginal revenue.c. total cost exceeds total revenue.d. None of the above is correct.When a perfectly-competitive industry is in long-run equilibrium A. each firm earns zero economic profit. B. market price is equal to minimum long-run total cost. C. firms have incentives to enter or exit the industry. D. None of the above D.
- When can firms decide to shutdown the business? a. When average fixed cost is greater than total revenue b. When average variable cost is greater than the marginal revenue c. When the price does not cover average variable cost d. When marginal revenue is decreasing Firms experience a break even point when a. Total revenue is greater than total cost b. Marginal cost os equal to marginal revenue c. Average fixed cost is equal to average variable cost d. Marginal revenue is zero1.The market for fertilizer is perfectly competitive. Firms in the market are producing output but are currently making economic losses. Which of the following statements is true about the price of fertilizer? Check all that apply. A. The price of fertilizer must be less than marginal cost. B. The price of fertilizer must be equal to average variable cost. C. The price of fertilizer must be less than average total cost. 2. If firms in the market are producing output but are currently making economic losses,_________ illustrates the present situation for the typical firm in the market, and_________ indicates the corresponding supply curve. Assuming there is no change in either demand or the firm's cost curves, which of the following statements is true about what will happen in the long run? Check all that apply. A.The quantity supplied by each firm will decrease. B.The total quantity supplied to the market will decrease. C.The…Revenue and cost (dollars per unit) MC AVC 50 40 30 20 10 10 20 30 40 50 Output (units per day) The above figure illustrates a perfectly competitive firm. If the market price is $40 a unit, to maximize its profit (or minimize its loss) the firm should Select one: a. produce 30 units. b. produce more than 30 units and less than 40 units. c. produce 40 units. d. shut down. e. produce more than 10 and less than 30 units.