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EC 308 EXAM 3 QUESTIONS COMPLETE WITH VERIFIED ANSWERS

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EC 308 EXAM 3 QUESTIONS COMPLETE WITH VERIFIED ANSWERS .Marginal Rate of Technical Substitution - ANSWERS-the rate at which labor substitutes for capital without affecting output; Q is constant .in a perfect competition - ANSWERS-a firm faces perfectly elastic demand - .profit-maximizing Q* is where - ANSWERS-MR=MC, where MR= dTR/DQ .under perfect competition, - ANSWERS-marginal revenue equals profit, so profit maximization occurs when P = MC .Under the short run firm - ANSWERS-cannot avoid its fixed costs *****it ignores FC when deciding whether to shut down because it does not account for variable cost. .in the short-run a firm should remain open if - ANSWERS-TR VC or equivalently PMC

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EC 308 EXAM 3 QUESTIONS COMPLETE
WITH VERIFIED ANSWERS



\.Marginal Rate of Technical Substitution - ANSWERS✔-the rate at which labor
substitutes for capital without affecting output; Q is constant



\.in a perfect competition - ANSWERS✔-a firm faces perfectly elastic demand ->



\.profit-maximizing Q* is where - ANSWERS✔-MR=MC, where MR= dTR/DQ



\.under perfect competition, - ANSWERS✔-marginal revenue equals profit, so
profit maximization occurs when P = MC



\.Under the short run firm - ANSWERS✔-cannot avoid its fixed costs

*****it ignores FC when deciding whether to shut down because it does not
account for variable cost.



\.in the short-run a firm should remain open if - ANSWERS✔-TR> VC or
equivalently P>MC

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