refer to figure 11-5. if the market price is $20, what is the amount of the firms profit?

Question 1 (5 points)

Turn a profit-maximizing firms enter a competitive market place when existing firms in that market place accept

Question i options:

a)	total revenues that exceed fixed costs.

b)	total revenues that exceed total variable costs.

c)	average total costs that exceed average revenue.

d)	average total costs less than market price.

Question 2 (5 points)

Table 14-9
Suppose that a business firm in a competitive marketplace faces the post-obit revenues and costs:

Quantity	Total Revenue	Total Cost
0	$0	$x
1	$9	$xiv
two	$18	$nineteen
three	$27	$25
4	$36	$32
five	$45	$forty
6	$54	$49
7	$63	$59
8	$72	$seventy
9	$81	$82

Refer to Table 14-9. If the firmâ€™southward marginal cost is $11, it should

Question 2 options:

a)	increase production to maximize turn a profit.

b)	increase the cost of the product to maximize profit.

c)	advertise to attract boosted buyers to maximize profit.

d)	reduce product to increase profit.

Question three (5 points)

Which of the following statements best reflects a price-taking firm?

Question 3 options:

a)	If the firm were to charge more the going toll, it would sell none of its goods.

b)	The firm has an incentive to charge less than the market price to earn higher revenue.

c)	The firm can sell only a express amount of output at the marketplace toll before the market place price will fall.

d)	Toll-taking firms maximize profits by charging a price above marginal toll.

Question 4 (v points)

A firm that has little power to influence market prices operates in a

Question four options:

Question v (v points)

Tabular array xiv-ix
Suppose that a firm in a competitive market faces the following revenues and costs:

Quantity	Total Revenue	Total Toll
0	$0	$x
ane	$9	$fourteen
two	$18	$19
three	$27	$25
4	$36	$32
5	$45	$40
half dozen	$54	$49
7	$63	$59
8	$72	$lxx
9	$81	$82

Refer to Table 14-9. In society to maximize profit, the firm will produce a level of output where marginal reve-nue is equal to

Question 5 options:

Question half-dozen (5 points)

Table fourteen-four

Quantity	Total Revenue
0	$0
ane	$fifteen
2	$30
iii	$45
4	$60

Refer to Table fourteen-iv. For a firm operating in a competitive marketplace, the average revenue is

Question half dozen options:

Question 7 (5 points)

For a firm in a competitive market place, an increase in the quantity produced by the firm will result in

Question 7 options:

a)	a decrease in the productâ€™due south market place price.

b)	an increase in the productâ€™southward market price.

c)	no change in the productâ€™s market cost.

d)	either an increase or no change in the productâ€™due south marketplace toll depending on the number of firms in the market.

Question 8 (v points)

Comparing marginal acquirement to marginal price

(i) reveals the contribution of the last unit of production to total profit.
(ii) is helpful in making turn a profit-maximizing production decisions.
(iii) tells a firm whether its fixed costs are too high.

Question eight options:

Question nine (v points)

Tabular array fourteen-ix
Suppose that a firm in a competitive market faces the post-obit revenues and costs:

Quantity	Total Acquirement	Total Price
0	$0	$ten
one	$9	$fourteen
2	$18	$19
3	$27	$25
iv	$36	$32
five	$45	$xl
6	$54	$49
7	$63	$59
8	$72	$70
nine	$81	$82

Refer to Table xiv-9 At which quantity of output is marginal acquirement equal to marginal toll?

Question 9 options:

Question 10 (five points)

Effigy 14-1
Suppose that a house in a competitive market has the post-obit cost curves:

Refer to Effigy 14-1. The firm should shut downwards if the market price is

Question 10 options:

b)	above $6.30 only less than $8.

c)	in a higher place $4.l but less than $6.30.

Question 11 (5 points)

Cold Duck Airlines flies between Tacoma and Portland. The company leases planes on a year-long contract at a cost that averages $600 per flight. Other costs (fuel, flying attendants, etc.) amount to $550 per flight. Currently, Cold Duck'due south revenues are $1,000 per flight. All prices and costs are expected to keep at their present levels. If it wants to maximize profit, Common cold Duck Airlines should

Question 11 options:

a)	drop the flight immediately.

c)	continue flying until the charter expires and so drib the run.

d)	drop the flight now but renew the lease if conditions ameliorate.

Question 12 (5 points)

Figure fourteen-1
Suppose that a firm in a competitive market has the following price curves:

Refer to Effigy 14-one. The firmâ€™s short-run supply bend is its marginal price bend in a higher place

Question 12 options:

Question 13 (five points)

If a competitive firm is currently producing a level of output at which marginal revenue exceeds marginal cost, and so

Question thirteen options:

a)	a one-unit increase in output will increment the firm'south profit.

b)	a one-unit decrease in output volition increase the business firm's profit.

c)	total acquirement exceeds total toll.

d)	total revenue exceeds total cost.

Question xiv (five points)

Table 14-thirteen
Dianaâ€™south Dress Emporium

COSTS			REVENUES
Quantity Produced	Full Cost	Marginal Cost	Quantity Demanded	Cost	Total Acquirement	Marginal Revenue
0	$100	—	0	$120		—
1	$150		one	$120
2	$202		2	$120
three	$257		3	$120
four	$317		4	$120
5	$385		5	$120
6	$465		half-dozen	$120
vii	$562		7	$120
8	$682		eight	$120

Refer to Tabular array fourteen-xiii. What is the marginal toll of the 1st unit?

Question 14 options:

Question 15 (5 points)

Figure 14-2
Suppose a firm operating in a competitive market place has the following cost curves:

Refer to Figure 14-2. Which of the four prices corresponds to a firm earning negative economic profits in the short run but trying to remain open?

Question xv options:

Question sixteen (5 points)

Scenario 14-3
Suppose a certain competitive firm is producing Q=500 units of output. The marginal price of the 500th unit of measurement is $17, and the average total cost of producing 500 units is $12. The firm sells its output for $twenty.

Refer to Scenario xiv-3. At Q=499, the firmâ€™s total costs equal

Question 16 options:

Question 17 (5 points)

When a restaurant stays open for lunch service even though few customers patronize the restaurant for lunch, which of the following principles is (are) best demonstrated?
(i) Fixed costs are sunk in the brusque run.
(2) In the curt run, only fixed costs are of import to the conclusion to stay open up for lunch.
(iii) If revenue exceeds variable cost, the eatery owner is making a smart determination to remain open for luncheon.

Question 17 options:

Question 18 (v points)

Suppose that a firm in a competitive market is currently maximizing its brusk-run profit at an output of l units. If the electric current cost is $9, the marginal cost of the 50th unit is $9, and the average total cost of producing 50 units is $4, what is the house'south profit?

Question eighteen options:




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