If a firm is a price taker, then the demand curve for a single firm is Select one: a. perfectly inelastic. b. perfectly elastic. c. the same slope as market demand.

4) Explain why a firm should continue to operate in the short run so long as market price is greater the firm's average variable cost at the profit-maximizing level of output.

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

In a perfectly competitive market, a single firm that sets its price a small amount above the market price will do which of the following? a.Not sell any units at all b.Have lower revenues but receive zero economic profits c.Make lower profits than other firms, but the exact amount less depends on the elasticity of demand for the product d.Earn profits higher than other firms as long as the other firms continued to charge the market price

Marginal revenue and marginal cost are same. This means that the firm is at minimum level of profit. True/False

AVC, ATC, MC 30 20 10 0 1 2 3 8 9 10 11 12 13 14 Output per period The Competitive Industry and Firm Select one: ATC Refer to the graph above to answer this question. What is the value of total revenue at the breakeven price?. A. $100. AVC OB. $40. OC. $210. OD. $280. E. $200.

Suppose the marginal revenue of a perfectly competitve firm is $10 and its marginal cost is $18 at its current level of production, then the firm should    Question 8 options:   a)  increase output    b)  decrease output    c)  not enter the market    d)  none of the above

Marginal profit and marginal cost are $36 and $88 respectively.  Calculate Marginal revenue

True or False