题目内容

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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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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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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When fixed costs are ignored because they are irrelevant to a business's production decision, they are called

A. explicit costs.
B. implicit costs.
C. sunk costs.
D. opportunity costs.

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You purchase a $30, nonrefundable ticket to a play at a local theater. Ten minutes into the show you realize that it is not a very good show and place only a $10 value on seeing the remainder of the show. Alternatively you could leave the theater and go home and watch TV or read a book. You place an $8 value on watching TV and a $12 value on reading a book.

A. You should stay and watch the remainder of the show.
B. You should go home and watch TV.
C. You should go home and read a book.
D. You should go home and either watch TV or read a book.

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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

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

A firm that shuts down temporarily has to pay

When fixed costs are ignored because they are irrelevant to a business's production decision, they are called

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