The demand for the product of one firm operating in a perfectly competitive market is ... Group of answer choices Perfectly inelastic. Unit elastic. The same as the market demand curve, which is downward-sloping. Perfectly elastic.

If change in total revenue is $360 and the change in output is 8 units  Find marginal revenue

The demand curve facing a perfectly competitive business is Question 7 options: 1 Inelastic because there are few substitutes. 2 Perfectly elastic because there are no substitutes for its products. 3 Elastic but not perfectly elastic. 4 Perfectly elastic because there are perfect substitutes for its products.

Draw the short-run situation in a P.C. market satisfying: Market demand and supply determines that market price is $7 An individual firm's profit maximization output level is 30 units This individual firm is earning a positive economic profit and shade the area of profit

In a perfectly competitive market: the market price is 28 Marginal cost (MC) = 2(Q) + 8 average total cost at equilibrium is 28, and average variable cost at equilibrium is 7 The profit maximizing price is Number The profit maximizing quantity is Number :Total revenue is Number Total cost is Number Average fixed cost is Number Total fixed cost is Number Total profit/loss is Number Marginal ravenue is Number At this market price,over time, firms would: 1. Enter the industry 2. leave the industry 3. There is no incentive to enter or leave the industry. Number (assume all firms have the same cost structure) :At the market price, could this be a long run equilibrium price? (if yes=1, no=D2) (assume all firms have the same cost structure) Number

The total revenue of a purely competitive firm from selling 6 units of output is $48. Based on this information, the unit price of the output must be Multiple Choice   $8.   $42.   $288.   $54.

Question 23 A competitive firm has a total cost function in dollars of the form C(q)= 100–4q + q^2, where q is output. Suppose the market price is $10 per unit of output. What is the firm’s short run point elasticity of supply? a) 20/7 b) 5/7 c) 10/7 d) 0.5 e) 2

Which of the following choices is not considered a "cost" of doing business?         Tasty Soup Company increased the production of chicken noodle soup, which forced the company to decrease the production of tomato soup.         Tasty Soup Company was forced to hire more workers to keep up with the demand for its products.         Tasty Soup Company earned more profits this year from a new product.         Tasty Soup Company introduced a new soup, which forced the company to discontinue the production of an older soup.

If a firm operates at a loss, the loss is equal to TC - TR. If the firm shuts down instead, its loss is equal to FC. Given this, show that price must exceed AVC for the firm to operate at a loss and not shut down

Marginal revenue is the Multiple Choice   change in product price associated with the sale of one more unit of output.   change in average revenue associated with the sale of one more unit of output.   difference between product price and average total cost.   change in total revenue associated with the sale of one more unit of output.