Marginal-cost pricing is achieved when the production of a good occurs at that point where: Multiple Choice O P = minimum MC O the price that consumers are willing to pay equals MC O the price that consumers are willing to pay equals minimum AC O total revenue is equal to FC O P = minimum AVCA perfectly competitive business's average revenue equals: Multiple Choice O its marginal revenue divided by price O total revenue divided by price O its price divided by total revenue O its marginal revenue O its total revenueThe profitrmaximizing output rule applies: Multiple Choice 0 only to monopolistically competitive businesses to businesses in all types of industries only to monopolies only to perfectly competitive businesses only when the business is a "price-taker" OOOO When a business is maximizing profits it will necessarily be: Multiple Choice O maximizing average revenue maximizing the difference between total revenue and total cost \"167\"leng total revenue maximizing profit per unit of output minimizing total cost 0000 A business's market power will be greater if its: Multiple Choice 0 rivals are large In number demand curve is characterized as perfectly elastic size l5 large in relation to its industry ability to affect the price otthe product it sells is limited 0000 there are no barriers to entry in the market The following data confront a business: m Marginal Revenue Marginal Cost A profitmaximizing business will produce that quantity of output: AC d MC $ per Unit of Output AVC Quantity Refer to this diagram for a perfectly competitive producer. If product price is P3:Multiple Choice 0 the business will be maximizing its prots the business will be making an economic profit the business has reached its shutdown bomt economic prots Will be positive @000 the business will realize a normal profit Multiple Choice O equal to 3 units O equal to 5 units O equal to 4 units O at which marginal revenue exceeds marginal cost by the widest margin O at which price equals marginal revenue12 MC 10 00 $ Cost b 6 AC AVC AFC 50 100 200 250 300 Quantity Refer to this diagram for a perfectly competitive producer. If the market price is $3 then:Multiple Choice O the rectangular area c + d represents the firm's positive economic profit. O the rectangular area c + d represents the firm's negative economic profit. O the rectangular area e represents the firm's total costs. O the rectangular area a + b represents the firm's negative economic profit. O the rectangular area a + b represents the firm's positive economic profit.Jacqueline operates a small dog grooming business in her home in a large urban center. In order to start her business she needed to obtain a $25 permit from the city and advertises her business online using Kijiji. Which ofthe following market structures most closely approximates the nature of her business? Multiple Choice 0 a monopoly perfect competition competitive monopoly monopolistic competition 0000 an oligopoly Assume the XYZ Corporation is producing 20 units of output. It is selling this output in a perfectly competitive market at $10 per unit. Its xed costs are $100 and its average variable cost is $3 at 20 units of output. On the basis ofthis information we can say that the corporation: Multiple Choice 0 is realizing an economic prot of $60 is realizing an economic loss of $60 is maximizing its prots should close down in the short run is realizing an economic prot of $40 0000