1.
The table given below shows the output supplied by a firm and its total cost of production. If the market price is $8.50, the profit-maximizing output and profit are _____.
Table 8.2
​
Â
Quantity
of output
0
10
20
30
40
50
Total
Cost ($
50
85
150
220
305
455
Â
a. ​50 units and $30, respectively
Â
b.​0 units and −$50, respectively
Â
c. ​40 units and $35, respectively
Â
d. ​40 units and $0, respectively
Â
e. ​30 units and $25, respectively
Â
Â
Â
2. Peggy's Kegs sells kegs in a perfectly competitive market. If the firm decides to shut down due to economic losses in the short run, its current loss is _____.Â
a. ​the same as the losses it incurred while operating
Â
b. ​greater than if it had kept selling kegs
Â
c. ​equal to fixed cost
Â
d. ​zero
Â
e. ​less than its total revenue
Â
3.The short-run equilibrium in a perfectly competitive market is determined by the:
a. ​intersection of the market demand and market supply curves.
Â
b. ​intersection of the market demand and the largest firm’s marginal cost curve.
Â
c. ​intersection of the market supply curve and the most profitable firm’s demand curve.
Â
d. ​intersection of the market supply curve and the demand curve of the largest firm in a market
Â
e. ​intersection of the market demand and the largest firm’s supply curve.
Answers
Status NEW
Posted 22 Jun 2017 01:06 AM
My Price 5.00
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