SophiaPretty

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Category > Economics Posted 06 Sep 2017 My Price 8.00

If graphed as function of quantity

QUESTION 1

If graphed as function of quantity, where would the total cost and total revenue curves have the same slope?

 

where they intersect, which is where profits are zero
 

at the quantity where marginal cost equals zero
 

at the profit-maximizing quantity
 

at zero

 

QUESTION 2

What quantity of output maximizes profits?

 

the quantity at which total revenue is maximized
 

the largest quantity possible
 

the quantity at which marginal cost equals marginal revenue
 

the quantity at which total fixed costs equals total variable costs

QUESTION 3

In which of the following would a profit-maximizing firm shutdown temporarily?

 

Marginal revenue is less than average total cost at all quantities.
 

At the quantity where marginal cost is minimized, marginal revenue is less than average total cost.
 

Total fixed cost is greater than total revenue at all quantities.
 

At the quantity where marginal revenue equal marginal cost, marginal revenue is less than average variable cost.

QUESTION 4

Why don't firms earn positive economic profits (or "supernormal profits") in the long run in a perfectly competitive market?

 

Additional competitors enter the market, shifting out supply and driving down prices, until no profit can be gained by entering the market.
 

Profitable firms expand too quickly, moving to higher production quantities where marginal costs are higher.
 

Management failures inevitably cause lower profits.
 

Average costs are always rising for every quantity chosen.

 

Answers

SophiaPretty
(5)
Status NEW Posted 06 Sep 2017 08:09 AM My Price 8.00

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