Micro ch 15 quiz - Custom Scholars
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Micro ch 15 quiz

question
If the wheat industry is perfectly competitive with a market price of​ $4 per bushel and Farmer Brown charged​ $5 per​ bushel, how many bushels would Farmer Brown​ sell?
answer
none
question
A perfectly competitive​ firm's short−run supply curve is
answer
its marginal cost curve above the AVC curve.
question
One requirement for an industry to be perfectly competitive is that
answer
there are no restrictions on entry into or exit from the market.
question
A firm that is a price taker faces
answer
a perfectly elastic demand curve
question
A firm maximizes its profit by producing the amount of output such that
answer
marginal revenue equals marginal cost.
question
To maximize its​ profit, in the short run a perfectly competitive firm decides
answer
what quantity of output to produce.
question
If a firm in a perfectly competitive market faces an equilibrium price of​ $5, its marginal revenue
answer
will also be​ $5.
question
If a firm shuts​ down, it
answer
incurs an economic loss equal to its total fixed cost.
question
In the long​ run, a perfectly competitive firm earns
answer
zero economic profit.
question
When firms in a perfectly competitive market are earning an economic​ profit, in the long run
answer
new firms will enter the market.
question
A perfectly competitive firm
answer
sells a product that has perfect substitutes.
question
Under what conditions would a perfectly competitive cotton farmer who is incurring an economic loss temporarily stay in​ business?
answer
if the total revenue exceeds the total variable cost
question
Marginal revenue is
answer
the change in total revenue from a one−unit increase in the quantity sold.
1 of 13
question
If the wheat industry is perfectly competitive with a market price of​ $4 per bushel and Farmer Brown charged​ $5 per​ bushel, how many bushels would Farmer Brown​ sell?
answer
none
question
A perfectly competitive​ firm's short−run supply curve is
answer
its marginal cost curve above the AVC curve.
question
One requirement for an industry to be perfectly competitive is that
answer
there are no restrictions on entry into or exit from the market.
question
A firm that is a price taker faces
answer
a perfectly elastic demand curve
question
A firm maximizes its profit by producing the amount of output such that
answer
marginal revenue equals marginal cost.
question
To maximize its​ profit, in the short run a perfectly competitive firm decides
answer
what quantity of output to produce.
question
If a firm in a perfectly competitive market faces an equilibrium price of​ $5, its marginal revenue
answer
will also be​ $5.
question
If a firm shuts​ down, it
answer
incurs an economic loss equal to its total fixed cost.
question
In the long​ run, a perfectly competitive firm earns
answer
zero economic profit.
question
When firms in a perfectly competitive market are earning an economic​ profit, in the long run
answer
new firms will enter the market.
question
A perfectly competitive firm
answer
sells a product that has perfect substitutes.
question
Under what conditions would a perfectly competitive cotton farmer who is incurring an economic loss temporarily stay in​ business?
answer
if the total revenue exceeds the total variable cost
question
Marginal revenue is
answer
the change in total revenue from a one−unit increase in the quantity sold.
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