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ECON 2100 Midterm: ECON 2100 Kennesaw State ECON2100 Summer2014 Exam3A

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turquoisegnu128
31 Jan 2019
School
KSU
Department
Economics
Course
ECON 2100
Professor
All

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Econ 2100 (summer 2014 sections 08 & 09) For a firm with market power marginal revenue ________________, while for a firm in a. Perfectly competitive market marginal revenue ________________. is less than price; is equal to price. is less than price; is greater than price. is greater than price; is equal to price. is equal to price; is also equal to price. It follows that the short run market quantity supplied at a price of . 75 is. 1,000 units of output (the amount produced by the firm with the lowest quantity of output). 10,000 units of output (the combined output of the two firms which produce the most output in the market). 500,000 units of output (the sum of the amount produced by each individual firm in the market). Input b and 125 units of input c. it appears as if westley industries is operating in the. Webb sells cotton candy in a perfectly competitive market.

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Related Questions

46) If a profit-maximizing firm in a perfectly competitive market is making an economic profit, then it must be producing a level of output where A) marginal cost is greater than average total cost. B) marginal cost is greater than marginal revenue. C) price is greater than marginal revenue. D) price is greater than marginal cost. E) average total cost is greater than marginal cost.

1. A firm's total cost of producing 50 units of output is $1,000. At this output level, average fixed costs are equal to $10. It follows that the firm's average variable costs are equal to _____.

2. To maximize profits, a price-taking (i.e., competitive) firm should produce its output up to the level where

a. the market price of the firm's product is equal to its total variable cost.

b. the market price of the firm's product is equal to its s total cost.

c. the market price of the firm's product is equal to its marginal cost.

d. marginal cost is equal to average cost.

e. none of the above.

3. To minimize losses, a competitive firm should shut down if the price is less than

a. average cost.

b. average variable cost.

c. total cost.

d. marginal cost.

e. average total fixed cost

For an individual firm operating in a competitive market, marginal revenue equals

a) marginal cost, which is greater than average revenue for all output levels.

b) average revenue and the price for all levels of output

c) average revenue, which is greater than the price for all output levels.

d) average revenue, the price, and marginal cost for all levels of output.