A profitmaximizing firm in the short nm will expand output: (1 Point} until marginal cost begins to rise. until total revenue equaEs total cost. until marginal cost equals average variable cost. as long as marginal revenue is greater than marginal cost. 0000 55 In order to maximize profits, a monopolyr company will produce that quantity at which the: m [1 Point} O marginal revenue equals average total cost 0 price equals marginal revenue 0 marginal revenue equals marginal cost 0 total revenue equals total cost T Which of the following is most likeiy to he a yan'able cost for a firm? [1 Point} O The monthly rent on ofce space that it leased for a year. 0 The franchiser's fee that a restaurant must pay to the national restaurant chain. 0 The interest payments made on loans. 0 Wo ncers' wag es. Price discrimination inyolyes [1 Point} 0 rms selling different products at different prices to different consumers. 0 rms selling the same product at different prices to different consumers. O consumers discriminating between different sellers on the basis of the different prices they quote for different products. 0 consumers discriminating between different sellers on the basis of the different prices they quote for the same product. If the units of variable input in a production process are 1. 2, 3. 4, and 5 and the corresponding total outputs are 10, 22. 33, 42, and 48. respectiveiy, the marginal product of the fourth unit is [1 Point} F'EJ Which of the following is a characteristic of pure monopoly? [1 Point} O one seller of the product 0 lDW barriers to entry O close substitute products 0 perfect information 0000 0000 The larger the diameter of a natural gas pipeiine, the iovver is the average total cost of transmitting LGGD cubic feet of gas LDDD miles. This is an example of: [1 Point} economies of scale. normative economies. diminishing marginal returns. an increasing marginal product of labor. TE Suppose a monopolist charges a price corresponding to the intersection of the marginal cost and marginal revenue curves. If this price is between its average variable cost and average total cost curves, the firm wiii [1 Point} earn an economic pro t. stayr in operation in the shortmo. but shut down in the long run if demand remains the same. shut down. none of the above A profitmaximizing firm in a competitive market is currently,r producing l units of output. It has average revenue of $12, average total cost of $8, and xed costs of $20K}. Firm's marginal cost is (1 Point} 0 less than '12 C) 12 O greater than 12 0 none of the above Suppose a car wash has 2 washing stations and 5 workers and is able to wash \"IUD cars per day. When it adds a third stationr but no more workers. it is able to wash 1513 cars per day. The marginal product of the third washing station is (1 Point} O 'll cars per day. 0 'lSEI cars per day. 0 5 oars per day. 0 50 cars per day
