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Question : 71) Refer to Figure 9-1.  The diagram shows cost curves : 1384227

Economics

 

71) Refer to Figure 9-1.  The diagram shows cost curves for a perfectly competitive firm. The short-run shut down price for the firm is

A) P1.

B) P2.

C) P3.

D) P4.

E) P5.

72) Refer to Figure 9-1.  The diagram shows cost curves for a perfectly competitive firm. The price at which the firm earns zero economic profits is

A) P1.

B) P2.

C) P3.

D) P4.

E) P5.

73) Refer to Figure 9-1.  The diagram shows cost curves for a perfectly competitive firm. The firm would incur economic profit at all market prices above

A) P1.

B) P2.

C) P3.

D) P4.

E) P5.

74) Refer to Figure 9-1. The diagram shows cost curves for a perfectly competitive firm. If the market price is and the firm is producing output level F, this firm should

A) expand output to quantity G.

B) expand output to quantity I.

C) maintain output at quantity F.

D) reduce output to quantity C.

E) reduce output to quantity D.

75) If a perfectly competitive firm in the short run is producing where P = ATC = MC, this firm is

A) at its profit-maximizing output level.

B) obliged to shut down.

C) on the downward-sloping portion of its demand curve.

D) earning economic profits.

E) incurring losses.

76) A perfectly competitive firm maximizes its profits by

A) maximizing total revenue.

B) maximizing total sales.

C) choosing the optimal level of output.

D) choosing the optimal price.

E) pricing slightly under its competitors.

77) If a perfectly competitive firm produces at an output level where marginal cost equals marginal revenue, then

A) the last unit produced adds the same amount to costs as it does to revenue.

B) the firm is maximizing its revenue.

C) there is no reason to reduce or expand output, as long as AVC is greater than or equal to price.

D) the difference between TR and TC is zero.

E) the firm should shut down.

78) Suppose your trucking firm in a perfectly competitive industry is making zero economic profits in the short run. The federal government imposes a new safety regulation that affects all firms, thus shifting the marginal cost curve upward. As a result your firm’s profit maximizing short-run output will

A) decrease because the new MC curve will intersect the horizontal demand curve at a lower rate of output.

B) remain the same because you will pass on the extra costs to the consumers.

C) remain the same since the new regulation does not affect ATC.

D) increase as firms will leave the industry at the higher costs, thus driving up the market price.

E) increase as price rises in the long run.

79) If a perfectly competitive firm is faced with average revenue below average variable cost it will shut down so as to reduce its

A) costs to below its revenue.

B) costs to zero.

C) losses to the amount of its fixed costs.

D) losses to the amount of its variable costs.

E) losses to the amount of its marginal costs.

80) On a graph showing a firm’s TC and TR curves, the profit-maximizing level of output is found where

A) TC intersects the vertical axis.

B) TR becomes vertical.

C) TR lies above TC by the greatest amount.

D) TR and TC intersect.

E) TR is at a maximum

 

 

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