Demand: P = 120 – 2Q Marginal Revenue: MR Total Cost: TC = 10 + Q? Marginal Cost: MC = 2Q %| 120 – 4Q %3| a. Find profit maximizing price and quantity. b. What is the amount of profit when profit is being maximized? c. What is the amount of deadweight loss (as compared to perfect competition)?

1. Suppose a perfectly competitive firm has a cost function described by TC = 200Q+Q² +225 Each firm's marginal revenue is $240. a. Find the profit maximizing level of output. b. Is this a short-run or long-run situation? How do you know? c. Assuming that this firm's total cost curve is the same as all other producers, find the long-run price for this good.

Which of the following is NOT an expected outcome for a firm in a market where sellers have market power? Select one: a. An inefficiently small output b. Lower costs c. Higher prices d. Larger economic profits

67. In a perfectly competitive market, industry demand is given by Q = 1000 – 20P. The typical firm’s average cost is TC = 300 + Q2 /3, and marginal cost by MC = (2/3)Q. Suppose there are 10 identical firms in the market. What is the market supply? A. 30Q B. 40Q C. 15Q D. 5Q

Which of the following statements applies to a purely competitive producer? a. it will not advertise its product b. in long-run equilibrium, it will earn an economic profit c. its product will have a brand name that elicits customer loyalty d. its product is slightly different from those of its competitors   [ don't give chatgpt answer]

Price MC ATC MRDARP Quantity 12. According to ACDC, what does MR DARP stand for? Marginal Revenue, Demand Average Revenue, Price 13. According to the graph above, is the company making a profit, breaking even, or a loss? How do you know? 14. What happens if the ATC is below the MR line? Draw what this would look like. 15. What happens if the ATC is above the MR line? Draw what this would look like.

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     $180

Why does a firm in perfect competition produce the quantity at which marginal cost equals price? In a perfectly competitive market, the price of a handsaw is $25. When a firm maximizes its profit, it produces 6 handsaws a day. Draw the marginal revenue curve. Label it. Draw the marginal cost curve that illustrates the profit-maximizing output. Label it. Draw a point at the profit-maximizing output and price. A firm produces the quantity at which marginal cost equals price because when marginal cost is greater than price, the firm O A. can increase economic profit by producing 1 less handsaw O B. is maximizing economic profit OC. is at its shutdown point O D. can increase economic profit by producing 1 more handsaw 50- 45- 40- 35 30- 25- 20- 15- 10- 5 0- 0 Price (dollars per handsaw) 10 Quantity (handsaws per day) >>> Draw only the objects specified in the question.

Price or Cost(dollars per unit) Pc MR Later C2 MR B MC Demand QE QC QB QA Later ATC Demand Quantity (units per period) 3. Refer to the graph above. Identify each of the following market outcomes: a. Short-run equilibrium output in perfect competition. b. Long-run equilibrium output in perfect competition. c. Long-run equilibrium price in perfect competition. d. Long-run equilibrium output in monopoly. e. Long-run equilibrium output in monopolistic competition.

A firm that has as its objective the maximization of revenues rather than profits would produce an output level for which: Select one: a. marginal revenue is equal to zero b. total revenue is equal to total cost c. marginal revenue is equal to average cost d. marginal revenue is equal to price In the short run, a firm should continue to operate, even if it is incurring losses, provided: Select one: a. the firm can cover its variable costs b. the firm can cover its fixed costs c. none of the above d. the firm can cover the sum of its variable and fixed costs