Unit III Exam - Micro Economics
correctly answered to pass
For a perfectly competitive firm, profit maximization occurs when output is such that - correct
answer ✔✔marginal revenue (MR) = marginal cost (MC)
A perfectly competitive firm maximizes its profit by producing at the point where - correct
answer ✔✔marginal revenue is equal to marginal cost.
In the long run, a perfectly competitive firm - correct answer ✔✔always earns a normal profit.
In the long run, perfectly competitive firms produce at the output level that has the minimum -
correct answer ✔✔average total cost.
The figure above shows a firm's total revenue and total cost curves.
When the firm maximizes its profit, it produces ________ cans per day. - correct answer ✔✔10
The figure above shows some of a firm's cost curves and its marginal revenue curve.
Based on the figure above, if the firm produces 10 cans per day, the firm ________ maximizing
its profit and is ________. - correct answer ✔✔is; earning an economic profit
The figure above shows some of a firm's cost curves and its marginal revenue curve.
correctly answered to pass
For a perfectly competitive firm, profit maximization occurs when output is such that - correct
answer ✔✔marginal revenue (MR) = marginal cost (MC)
A perfectly competitive firm maximizes its profit by producing at the point where - correct
answer ✔✔marginal revenue is equal to marginal cost.
In the long run, a perfectly competitive firm - correct answer ✔✔always earns a normal profit.
In the long run, perfectly competitive firms produce at the output level that has the minimum -
correct answer ✔✔average total cost.
The figure above shows a firm's total revenue and total cost curves.
When the firm maximizes its profit, it produces ________ cans per day. - correct answer ✔✔10
The figure above shows some of a firm's cost curves and its marginal revenue curve.
Based on the figure above, if the firm produces 10 cans per day, the firm ________ maximizing
its profit and is ________. - correct answer ✔✔is; earning an economic profit
The figure above shows some of a firm's cost curves and its marginal revenue curve.
