Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hey I need help with these econ problems they're pretty tedious and I'd appreciate the help! MC ATC 25 20 AVC 10 . D `MR

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Hey I need help with these econ problems they're pretty tedious and I'd appreciate the help!

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
MC ATC 25 20 AVC 10 . D `MR 100 120 140 180 Q 1- The profit-maximizing level of output is...................... units a. 100 c. 140 b. 120 d. 180 e. 20 2- The profit-maximizing price of the monopoly is a. $25 C. $18 b. $20 d. $15 e. $8 3- At the profit- maximizing level of output, ATC of the firm is a. $25 C. $18 b. $20 d. $15 e. $84- At the profit-maximizing level of output, AVC of the firm is a. $25 C. $18 b. $20 d. $15 e. $8 5- At the profit-maximizing level of output, AFC of the firm is a. $25 C. $7 b. $9 d. $15 e. $8 6- At the profit-maximizing level of output, TR of the firm is a. $2400 c. $2520 b. $1800 d. $2500 e. $800 7- At the profit-maximizing level of output, TC of the firm is a. $1500 c. $3000 b. $1000 d. $700 e. $800 8- At the profit-maximizing level of output, the profit of the firm is a. $1500 c. $3000 b. $1000 d. $700 e. $800 9- If the firm were a perfectly competitive business, the output would be. a. 100 c. 140 b. 120 d. 180 e. 20 10- If the firm were a perfectly competitive business, the price would be... a. $25 c. $18 b. $20 d. $15 e. $8 11- Which of the following markets is the most efficient market? a. Perfectly competitive market c. Monopolistic completion market b. Monopoly market d. Oligopoly market 12- An example of a legal monopoly is a- law offices c- U.S. Postal Service b- supreme court d- Federal Express13- For a monopolist to sell one more unit of a good they should a- lower the price c- advertise b- raise the price d- do nothing e- none of the above 14- Marginal revenue is a- the same as the price b- revenue earned marginally by the business c- more than price d- revenue earned from selling one more unit of a good e- none of the above 15- if MR > MC, the monopolist should a- raise the price to sell less b- lower the price to sell more c- keep the price the same and try to sell more d- raise the price and sell more e- none of the above 16- if MR

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding The Law

Authors: Donald L Carper, John A McKinsey, Bill W West

5th Edition

0324375123, 9780324375121

More Books

Students also viewed these Economics questions

Question

Find the indicated value. z 0.05

Answered: 1 week ago

Question

2. Information that comes most readily to mind (availability).

Answered: 1 week ago

Question

3. An initial value (anchoring).

Answered: 1 week ago