Assume the price of the firm's product in the gure is $15 per unit. The firm will produce [1 Point} O EDD units per week. 0 1,001] units per week. 0 1,5010 units per week. 0 2,006 units per week, If a perfectly competitive lm sells 100 units of output at a market price of $100 per unit, its marginal revenue per unit is (1 Point} 0 $109. 0 more than $1. but less than $100. 0 Fess than 5100. 1:. a A firm will shut down in the short run if (1 Point} 0 total variable costs exceed total revenues. 0 average cost exceeds price. 0 total costs exceed total revenues. 0 it is suffering a loss. 20 Based on the following data,, the monopolist should produce: (3 Points) Quantity Price Total Cost $100 $ 60 95 130 90 210 85 300 80 400 O 1 )2 O 3 O 421 Which of the following industries is the best example of monopolistic competition? (1 Point) Wheat O Restaurant Automobile Water service1| ".t Li' Assume the price of the firm's product in the gure is $6 per unit. The firm shouid [1 Point} 0 continue to operate because it is earning an economic prot 0 stay in operation for the time being even though it is incurring an economic lose. 0 shut clown temporarily. O shut clown permanently. A firm in a campetitive market receives $50G- in total revenue and has marginal revenue of $10. 1What is the average revenue. and how many units were sold? [2 Points) 0 Average Revenue=15 and Quantity: 55 0 Average Revenue=t and quantity: 5S 0 Average Revenue=56 and quantity: 1D 0 Average Revenue=5t3 and quantity: 15 "JL' L .J Which would he an implicit cost for a rm? The cost: [1 Point} O of worker wages and salaries for the rm. 0 paid for leasing a building for the rm. 0 paid for production supplies for the rm. 0 of wages foregone by the owner of the firm. 26 The length of a business cycle would be measured from [1 Point} 0 peak to trough. O trough to peak. 0 peak to peak. 0 the slump to the expansion 2? The firm's shortrun marginalcost curve is increasing when: [1 Point} O marginal product is increasing. 0 marginal product is decreasing 0 total xed cost is increasing 0 average fixed cost is decreasing The demand curve facing a perfectly:r competitive firm is: [1 Point} O Downwarddoping and less fiat than the market demand curve. 0 Downwardsioping and more fiat than the market demand curve. 0 Perfectly,-r horizontal. O Perfectlyr vertical re Which of the following is a characteristic of pure monopoly? (1 Point) 0 one selier of the product 0 low barriers to entry 0 close substitute products 0 perfect information so Suppose a rm sells its product at a once lower than the opportunity cost of the inputs used to produce it. Which is true? [1 Point} O The firm will earn accounting and economic prots. 0 The firm will face accounting and economic losses. 0 The firm will face an accounting loss. but earn economic prots. 0 The firm may earn accounting profits. but wiil face economic losses
