超星 - Ch 14 Firms in Competitive Markets

单选题

Which of the following statements is correct?

A. For all firms, marginal revenue equals the price of the good.
B. Only for competitive firms does average revenue equal the price of the good.
C. Marginal revenue can be calculated as total revenue divided by the quantity sold.
D. Only for competitive firms does average revenue equal marginal revenue.

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单选题

Suppose a firm in a competitive market earned $2,000 in total revenue and had a marginal revenue of $20 for the last unit produced and sold. What is the average revenue per unit, and how many units were sold?

A. $5 and 50 units
B. $5 and 100 units
C. $100 and 20 units
D. $20 and 100 units

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单选题

Suppose a firm in a competitive market produces and sells 150 units of output and earns $1,800 in total revenue from the sales. If the firm increases its output to 200 units, the average revenue of the 200th unit will be

A. less than $12.
B. more than $12.
C. $12.
D. zero.

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单选题

Whenever a perfectly competitive firm chooses to change its level of output, its marginal revenue

A. increases if MR < ATC and decreases if MR > ATC.
B. does not change.
C. always increases.
D. always decreases.

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单选题

Suppose that in a competitive market the equilibrium price is $2.50. What is marginal revenue for the last unit sold by the typical firm in this market?

A. Less than $2.50
B. More than $2.50
C. Exactly $2.50
D. The marginal revenue cannot be determined without knowing the actual quantity sold by the typical firm.

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单选题

When profit-maximizing firms in competitive markets are earning profits,

A. market demand must exceed market supply at the market equilibrium price.
B. market supply must exceed market demand at the market equilibrium price.
C. new firms will enter the market.
D. the most inefficient firms will be encouraged to leave the market.

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单选题

The accountants hired by Forever Fitness have determined total fixed cost to be $75,000, total variable cost to be $130,000, and total revenue to be $125,000. Because of this information, in the short run, Forever Fitness should

A. shut down because staying open would be more expensive.
B. lower their prices to increase their profits.
C. stay open because shutting down would be more expensive.
D. stay open because the firm is making an economic profit.

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单选题

In a competitive market the price is $8. A typical firm in the market has ATC = $6, AVC = $5, and MC = $8. How much economic profit is the firm earning in the short run?

A. $0 per unit
B. $1 per unit
C. $2 per unit
D. $3 per unit

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单选题

The short-run supply curve for a firm in a perfectly competitive market is

A. horizontal.
B. likely to slope downward.
C. determined by forces external to the firm.
D. the portion of its marginal cost curve that lies above its average variable cost.

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单选题

A firm that shuts down temporarily has to pay

A. its variable costs but not its fixed costs.
B. its fixed costs but not its variable costs.
C. both its variable costs and its fixed costs.
D. neither its variable costs nor its fixed costs.

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