Technically speaking, a perfectly competitive firm’s average revenue is equal to its
a.price multiplied by output
c.total revenue divided by marginal revenue
d.output divided by total revenue
122. Under which of the following conditions could the monopoly price be less than the price
that would result in perfect competition? When there are
a.diminishing marginal returns
b.substantial economies of scale
c.higher unit costs
e.constant returns to scale
123. If a firm is a price taker, then it can
a.sell below the market price and increase its economic profit
b.sell all it wants at the market price
c.sell above the market price and increase its economic profit
d.supply the entire market
e.choose its own price
124. If a firm in a perfectly competitive industry maximizes profit by producing 100 units and
the marginal cost of the 100th unit is $23, the price is
a.more than $23 since it’s earning an economic profit
e.not able to be calculated from the data given
125. Suppose that the development of a new type of circuit lowers the costs of production in
the microcomputer industry, which is perfectly competitive. The long-run effect will
a.lower price and larger output
b.lower price and smaller output
c.higher price and larger output
d.higher price and smaller output
e.no change in price or output
126. Ian McDonald owns a company that sells sleds in a perfectly competitive market. A
lighter-than-normal snowfall has caused the market demand curve for sleds to shift to the
left. In the short run, which of the following is likely to happen?
a.The market price for sleds will remain unchanged.
b.The market price for sleds will increase.
c.More sled producers will enter the industry.
d.Increased economic profit will be earned by the firms in the sled industry.
e.The market price for sleds will fall.
127. If you were in the donut-making business, which of the following would most likely not
be an explicit cost?
c.utilities, such as gas and electricity
e.the time you put into running the business
128. Which of the following are implicit costs for a typical firm?
c.opportunity costs of capital owned and used by the firm’s entrepreneur
d.cost of labor hired by the firm
e.cost of raw materials
129. Cash payments to a steel mill for steel used in production of automobiles would be an
130. A firm’s opportunity cost of using resources provided by the firm’s owners is called
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