Econ B-251 Canvas 10 Quiz Verified 2024

Econ B-251 Canvas 10 Quiz Verified 2024
-18
-11 - ANSWER-Consider the perfectly competitive firm in the above figure. The firm's
profit maximizing level of output is _______ units at a price of $________.

-198
-306
- -108 - ANSWER-Consider the perfectly competitive firm in the above figure. At the
profit maximizing level of output, the firm's total revenue is $________, total cost is
$________, and economic profit is $_______.

-3
-57
-50
-7 - ANSWER-The above table shows the total cost producing pizzas. The market for
pizzas is perfectly competitive. The equilibrium market price of a pizza is $19. Given this
information, the profit maximizing output is _______ pizzas, total revenue is $_______,
total cost is $________, and the firm's economic profit is $________.

-decrease production or exit the market
-do not - ANSWER-Consider the perfectly competitive firm in the above figure. In the
long run, existing firms _______ and new potential firms _______ enter the market.

-efficient
-total surplus
-average total - ANSWER-Perfectly competitive markets are _______ because _______
is maximized and firms produce at the lowest possible _______ cost.

-marginal
-6
-15 - ANSWER-Consider the perfectly competitive firm in the above figure. The firm's
supply curve is its _______ cost curve beginning at a price of $________ and a quantity
of _______

-There are no barriers to entry or exit
-The market demand curve is downward sloping
-Many sellers - ANSWER-Which of the following are characteristics of perfect
competition?

-zero
-positive - ANSWER-In the long run, perfectly competitive firms earn _______ economic
profit and _______ accounting profit.