[单选]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]For a firm in a perfectly competitive market, the price of the good is always
A. equal to marginal revenue.
B. equal to total revenue.
C. greater than average revenue.
D. equal to the firm’s efficient scale of output.
[单选]At the profit-maximizing level of output,
A. marginal revenue equals average total cost.
B. marginal revenue equals average variable cost.
C. marginal revenue equals marginal cost.
D. average revenue equals average total cost.
[单选]Charlene sells cotton candy. The cotton candy industry is competitive. Charlene hires a business consultant to analyze her company’s financial records. The consultant recommends that Charlene increase her production. The consultant must have concluded that Charlene’s
A. total revenues exceed her total accounting costs.
B. marginal revenue exceeds her total cost.
C. marginal revenue exceeds her marginal cost.
D. marginal cost exceeds her marginal revenue.
[单选]A sunk cost is one that
A. changes as the level of output changes in the short run.
B. was paid in the past and will not change regardless of the present decision.
C. should determine the rational course of action in the future.
D. has the most impact on profit-making decisions.
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