ECON 201 Study Guide - Final Guide: Marginal Revenue, Perfect Competition, Marginal Cost

• School: Concordia University
• Department: Economics
• Course: ECON 201
• Professor: All

Document Summary

It is a good strategy to spend one minute per mark for your answers (150 minutes) and spend the remaining time (30 minutes) to review your answers. Write your answers for the multiple-choice questions on the computer scan-sheet with a pencil. Parts ii to iv, write all your answers on this exam. You are allowed to use a non-programmable calculator and a dictionary. You may use either pen or pencil to provide your answers for parts ii to iv. Write your answers on the computer sheet in. If the price faced by a perfectly competitive firm is equal to , then the maximum profit this firm will earn is In order to maximize profit in the short-run the firm should a. reduce output: increase output, shut down, increase the market price, not change output, suppose the per-unit tax on cars is raised.