In perfect competition, the price of the product is determined where the industry Select one: a. supply curve and industry demand curve intersect. b. elasticity of supply equals the industry elasticity of demand. c. average variable cost equals the industry average total cost. d. fixed cost is zero.
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- A perfectly competitive firm's short-run supply curve is the same as Selected Answer: b. the market demand curve. Answers: a. the supply curve of all the other firms in the industry. b. the market demand curve. c. the marginal cost curve. d. the portion of its average variable cost curve above the average total cost curve. e. the portion of its marginal cost curve above the minimum average variable cost.Perfect Competition MC - Marginal Cost MR - Marginal Revenue ATC - Average Total Cost Refer to the figure above. If this firm is producing the profit-maximizing quantity and selling it at the profit-maximizing price, the firm's total revenue will be: $240 $90 $60 $180Using the graph for the questions : A. There are fixed costs of $50 no matter what the output level is. Fill in the fixed cost column B. Fill in the total costs column C. Fill in the marginal costs column D. This is a perfectly compatible firm . The market price for the output they produce is $40/ unit of output. Fill in the marginal revenue column E. Fill in the total revenue column F. Fill in the profit column G. What is the profit maximizing level of output
- A profit-maximizing firm in a competitive market is currently producing 500 units of output. It has average revenue of $10, average total cost of $8, and fixed costs of $200. a. What is its profit? b. What is its marginal cost? c. What is its average variable cost? d. Is the efficient scale of the firm more than, less than, or exactly 100 units?The marginal cost of a firm: a. crosses total cost at its minimum. b. crosses average variable cost and average total cost at their respective minima. C. crosses marginal revenue at a point above the profit-maximizing level of output. d. is a horizontal line, indicating that costs are constant in perfect competition.Perfect Competition MC - Marginal Cost MR - Marginal Revenue ATC - Average Total Cost AVC - Average Variable Cost Refer to the figure above. If this firm decides to operate and is producing the profit-maximizing quantity, then the firm's profit will be: $40 $0 - $40 $240
- Perfect Competition MC - Marginal Cost MR - Marginal Revenue ATC - Average Total Cost Refer to the figure above. If this firm is producing the profit-maximizing quantity and selling it at the profit-maximizing price, then the firm will set its price at ____ and produce ____ units. $4; 40 $6; 40 $6; 55 $6; 30Perfect Competition MC - Marginal Cost MR - Marginal Revenue ATC - Average Total Cost Refer to the figure above. If this firm is producing the profit-maximizing quantity and selling it at the profit-maximizing price, the firm's profit will be: $240 $160 $80 $60Which of the following is not a characteristic of perfect competition? a. Absence of economies of scale for individual producers. b. Easy entry into the industry. c. A large number of firms advertising extensively in an attempt to increase market share. d. No product promotion strategy for individual firms e. Standardized products
- In a perfectly competitive industry, what mechanism that adjusts price to minimum long-run average total cost? a. Entry and Exit b. Diseconomies of Scale c. Superior Management d. Economies of ScaleWhich of the following characterizes a perfectly competitive industry? Select one: a. The industry demand curve is vertical. b. Each firm produces a product slightly different from that of its competitors. c. Each firm sets a different price. d. The demand for each individual firm is perfectly elastic.Profits are maximized at the output at which marginal cost equals marginal revenue. If the market price falls below the minimum average variable cost: a. the firm should produce less. b. the firm should produce more. c. the firm should shut down. d. none of the above