question
if the market price is $20, the firm's profit maximizing output is ____ units
answer
1350
question
if the market price is $20, and the firm is maximizing profit, the firm's average total cost is
answer
$15
question
Quantity. TC. VC.
0. $1,000. $0
100. 1,300. 300
200. 1,500. 500
300. 2,000. 1,000
400. 2,700. 1,700
500. 4,000. 3,000
600. 5,800. 4,800
-----If the market price is $7 per unit, the profit-maximizing quantity is ___ units
0. $1,000. $0
100. 1,300. 300
200. 1,500. 500
300. 2,000. 1,000
400. 2,700. 1,700
500. 4,000. 3,000
600. 5,800. 4,800
-----If the market price is $7 per unit, the profit-maximizing quantity is ___ units
answer
400
question
Quantity. TC. VC.
0. $1,000. $0
100. 1,300. 300
200. 1,500. 500
300. 2,000. 1,000
400. 2,700. 1,700
500. 4,000. 3,000
600. 5,800. 4,800
---- In the short run, the firm will shut down if the market price falls below
0. $1,000. $0
100. 1,300. 300
200. 1,500. 500
300. 2,000. 1,000
400. 2,700. 1,700
500. 4,000. 3,000
600. 5,800. 4,800
---- In the short run, the firm will shut down if the market price falls below
answer
$2.50
question
The demand curve for an individual seller's product in perfect competition is
answer
perfectly elastic
question
which of the statements below make the following sentence a correct statement? The current market price is $3 per pound of pears, but...
a) the place will fall in the long run as a result in the decrease in demand
b) the price will fall in the long run as new firms enter the market
c) the price will increase in the future as the market demand increases
d) the firm will be able to increase the price in the future
e) the price will increase in the future as the pear industry in monopolistically competitive
a) the place will fall in the long run as a result in the decrease in demand
b) the price will fall in the long run as new firms enter the market
c) the price will increase in the future as the market demand increases
d) the firm will be able to increase the price in the future
e) the price will increase in the future as the pear industry in monopolistically competitive
answer
b
question
if a typical firm in a perfectly competitive industry losses, then
answer
some firms will exit in the long run, causing market supply to decrease and market price to rise, increasing profits for the remaining firms
question
a local electricity-distribution company has a monopoly that is protected by an entry barrier that takes the form of
answer
economies of scale
question
what is a network externality? A network externality refers to
answer
a situation in which a product's usefulness depends on the number of people using it
question
which is the economically efficient output level?
answer
940 units
question
what is the profit maximizing output level?
answer
600 units
question
What is the difference between the monopoly's price and the perfectly competitive (efficient) price?
answer
the monopoly's price is higher by $13
question
a monopoly differs from monopolistic competition in that
answer
in a monopoly there are significant entry barriers but there are low barriers to entry in a monopolistically competitive market structure
question
a merger between BMW and Mercedes Benz would be an example of a
answer
horizontal merger
question
when the government reviews a proposed merger between two companies, the relevant market is defined by.....
answer
whether or not there are close substitutes for the products of the two firms
question
for a monopolistically competitive firm, marginal revenue
answer
is less than the price
question
when a monopolistically competitive firm cuts its price to increase its sales, it experiences a loss in revenue due to the
answer
price effect
question
suppose the monopolistically competitive firm represented in the diagram above produces positive output. What is the profit maximizing (loss-minimizing) output level?
answer
630 units
question
what is the price charges at the profit maximizing (loss-minimizing) output level?
answer
$68
question
what is the profit / loss?
answer
loss of $4,410
question
a major difference between monopolistic and perfect competition is
answer
that products are not identical in monopolistic competition unlike in perfect competition
question
if firms in an monopolistically competitive industry are making profits in the short run, then
answer
new firms will enter the market
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