ECON 2100 Midterm: ECON 2100 Kennesaw State ECON2100 Summer2013 Exam3A Key

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31 Jan 2019
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At the most basic level, profit is defined as. ___________________ refers to a practice whereby a seller of a good separates consumers into different groups and then charges each different group of consumers a different constant per unit price for each unit of the good purchased. In a perfectly competitive market, all goods offered for sale are identical to each other. Consider a firm in a perfectly competitive market with: output price of . 85 per unit; Avc produce a positive quantity, even though their maximum profit is negative. Brooke produces shoes in a perfectly competitive market. During the month of may she: produced 800 shoes, sold each pair of shoes at a price of per pair, had fixed costs of ,600, and earned a total profit of ,400 (i. e. , negative ,400 ). In the long run, we should expect that brooke would exit this market. Increasing quantity from 3,800 to 3,900 would __________ total revenue, __________ total.

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