In the short run, if a firm in perfect competition chooses to operate and produce output, it must be the case that
A) it avoids a loss.
B) it earns a profit.
C) total revenues are greater than or equal to the total cost of fixed and variable factors of production.
D) total revenues are greater than or equal to the cost of fixed factors of production.
E) total revenues are greater than or equal to the cost of variable factors of production.
7. If a perfectly competitive firm produces an output level where price is greater than marginal costs, then the firm should
A) pay more to its fixed factors of production.
B) leave its output decision unchanged.
C) pay more to its variable factors of production.
D) contract output to earn greater profits or smaller losses.
E) expand output to earn greater profits or smaller losses.
Use the game for questions 8-9 Column Cruises Reduced Rates Keep Rates High Row Resorts Reduced Rates $40, $50 $500, $10 Keep Rates High $5, $400 $300, $200 8.
If Row Resorts decides to keep its rates high for the summer, Column Cruises would get the highest payoff by:
A. also keeping its rates high in the summer.
B. offering reduced summer rates.
C. agreeing with Row Resorts to both lower their rates at exactly the same time.
D. it doesn't matter which he chooses because he will have the same payoff in either case. 9.
What is the expected outcome of the game?
A. Row reduces rates, Column reduces rates
B. Row keeps high rates, Column reduces rates
C. Row reduces rates, Column keeps high rates
D. Row keeps high rates, Column keeps high rates
E. Either A or D, but it cannot be predicted which.
10. A decrease in the price the perfectly competitive firm receives for its output will cause the firm to
A) contract output and earn smaller profits.
B) contract output and earn smaller profits or larger losses.
C) expand output and earn smaller profits.
D) leave output unchanged and earn smaller profits.
E) reduce its fixed costs.
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