At the quantity where total revenue equals total cost,
a.profit is zero.
b.cost is minimized.
c.cost is maximized.
d.quantity is minimized.
e.profit is maximized.
71.Marginal revenue is defined as
a.the difference between costs and revenues.
b.the change in total revenue caused by selling one additional unit of output.
c.price times quantity.
d.total revenue divided by the level of output.
e.total revenue minus the level of output.
72.In the long run, a firm earns zero economic profit, given the condition that
a.P = MR.
b.P = AVC.
c.P = ATC.
d.(P - MC) = 0.
e.none of the above
73.In the theory of perfect competition, the assumptions of many buyers and sellers, the production of a homogeneous product, and the possession of all relevant information by buyers and sellers imply that the perfectly competitive firm
a.sets the price it wishes.
b.has a demand curve that is downward sloping.
c.has a demand curve that is perfectly elastic.
d.a and b
e.a and c
74.If a firm is a price taker, its demand curve is
75.In the theory of perfect competition, the market demand curve is __________ and the firm's demand curve is __________.
a.perfectly elastic; perfectly elastic
b.downward sloping; downward sloping
c.perfectly elastic; downward sloping
d.downward sloping; perfectly elastic
e.perfectly inelastic; downward sloping
76.In the theory of perfect competition, the assumption of easy entry into and exit from the market implies
a.positive economic profits in the long run.
b.losses in the long-run equilibrium.
c.zero economic profits in the long run.
d.zero economic profits in both the short run and the long run.
e.positive economic profits in both the short run and the long run.
77.In perfect competition, the firm's marginal revenue curve is
b.the same as the firm's demand curve.
c.the same as the firm's total revenue curve.
d.a and b
e.a and c
78.The perfectly competitive firm will shut down in the short run if price is
a.less than average variable cost.
b.greater than average variable cost but less than average total cost.
c.greater than average total cost.
d.equal to average total cost.
e.a and b
79.In short-run equilibrium, the perfectly competitive firm may be making __________ economic profits.
d.a or b
e.any of the above
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