Quiz Chapter 8 - Custom Scholars
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Quiz Chapter 8

question
Assume for a perfectly competitive firm, the market price of one box of tissues is $2.
What is the marginal revenue when sales increase from 100 boxes to 200 boxes?
answer
MR= $2
question
Which of the following is not a characteristic of a perfectly competitive market? Select all that apply.
answer
firms produce similar, but not identical products.
question
The table below represents a firm's profit for producing and selling spatulas. Assume that the only levels of output that the firm can produce are the levels of output given in the table. Also assume that if a firm would have the same profit at two different levels of output, then the firm would choose the greater level of output.
At what level of output does the firm maximize profits?
answer
60 spatulas
question
SuperStar Inc. is a perfectly competitive firm with hopes of keeping its doors open for another 10 years. Output demand has slowly been decreasing and as of this morning, SuperStar Inc. reported output production will have to decrease yet again because of a decrease in market price. If output decreases to 20, what is the new market price?
answer
P= $20
question
Determine the profit-maximizing level of output by comparing total revenue and total cost in the table below.
answer
Q= 4
question
It costs a bakery $3 to sell a single cake. This bakery makes $7 in revenue from each cake it sells. Assume this bakery sells 25 cakes. What are its total profits?
answer
profit= $100
question
If a firm's revenue is equal to $200 and its costs are equal to $72, what are its profits?
answer
$128
question
The average profit, or profit divided by quantity, is also known as ________.
answer
profit margin
question
Productive efficiency occurs when _______.
answer
price equals minimum of the long-run average cost curve.
question
If prices fall below average variable cost some firms in this industry will ___________ causing prices to ___________.
answer
exit, increase
question
True or false?
In general, when the price in a competitive industry rises, more firms choose to enter the market.
answer
True
question
True or false?
In an increasing cost industry, an increase in demand will cause a decrease in the cost of production for the firms.
answer
False
1 of 12
question
Assume for a perfectly competitive firm, the market price of one box of tissues is $2.
What is the marginal revenue when sales increase from 100 boxes to 200 boxes?
answer
MR= $2
question
Which of the following is not a characteristic of a perfectly competitive market? Select all that apply.
answer
firms produce similar, but not identical products.
question
The table below represents a firm's profit for producing and selling spatulas. Assume that the only levels of output that the firm can produce are the levels of output given in the table. Also assume that if a firm would have the same profit at two different levels of output, then the firm would choose the greater level of output.
At what level of output does the firm maximize profits?
answer
60 spatulas
question
SuperStar Inc. is a perfectly competitive firm with hopes of keeping its doors open for another 10 years. Output demand has slowly been decreasing and as of this morning, SuperStar Inc. reported output production will have to decrease yet again because of a decrease in market price. If output decreases to 20, what is the new market price?
answer
P= $20
question
Determine the profit-maximizing level of output by comparing total revenue and total cost in the table below.
answer
Q= 4
question
It costs a bakery $3 to sell a single cake. This bakery makes $7 in revenue from each cake it sells. Assume this bakery sells 25 cakes. What are its total profits?
answer
profit= $100
question
If a firm's revenue is equal to $200 and its costs are equal to $72, what are its profits?
answer
$128
question
The average profit, or profit divided by quantity, is also known as ________.
answer
profit margin
question
Productive efficiency occurs when _______.
answer
price equals minimum of the long-run average cost curve.
question
If prices fall below average variable cost some firms in this industry will ___________ causing prices to ___________.
answer
exit, increase
question
True or false?
In general, when the price in a competitive industry rises, more firms choose to enter the market.
answer
True
question
True or false?
In an increasing cost industry, an increase in demand will cause a decrease in the cost of production for the firms.
answer
False
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