Question : 61) As a perfectly competitive firm’s output increases, its total : 1226199

61) As a perfectly competitive firm’s output increases, its total revenue ________ and its total cost ________.

A) increases; increases

B) increases; decreases

C) decreases; increases

D) decreases; decreases

E) does not change; increases

62) In a perfectly competitive industry, when a firm is producing so that its total revenue equals its total cost, the firm is

A) making an economic profit.

B) incurring an economic loss.

C) making zero economic profit.

D) definitely not maximizing its profit.

E) None of the above answers is correct because the relationship between total revenue and total cost has nothing to do with the firm’s profit or loss.

63) For a syrup producer in central Vermont, profit is maximized at the level of output for which total

A) revenue exceeds total cost by the largest amount.

B) revenue exceeds total cost by the smallest amount.

C) revenue is maximized.

D) cost is minimized.

E) revenue equals total cost.

64) A firm maximizes its profit by producing the amount of output such that

A) marginal revenue equals marginal cost.

B) marginal revenue exceeds marginal cost by some amount.

C) marginal revenue is maximized.

D) marginal cost is minimized.

E) marginal revenue exceeds marginal cost by the maximum amount possible.

65) For a perfectly competitive firm, profit maximization occurs when output is such that

A) total revenue (TR) is maximized.

B) total cost (TC) is minimized.

C) marginal revenue (MR) = marginal cost (MC).

D) average total cost (ATC) is minimized.

E) total revenue (TR) equals total cost (TC).

66) A perfectly competitive firm will maximize profit when the quantity produced is such that the

A) firm’s total revenue is equal to total cost.

B) firm’s marginal revenue is equal to the price.

C) firm’s marginal revenue is equal to its marginal cost.

D) price exceeds the firm’s marginal cost by as much as possible.

E) firm’s marginal revenue exceeds its marginal cost by the maximum amount possible.

67) For a perfectly competitive firm, profit is maximized at the output level where

i.total revenue exceeds total cost by the largest amount.

ii.marginal revenue equals marginal cost.

iii.price equals marginal cost.

A) i only

B) ii only

C) ii and iii

D) i and ii

E) i, ii, and iii

68) If a perfectly competitive wheat farmer is maximizing its profit and then increases its output, the farmer’s

A) total revenue increases, but total cost rises by more so that the farmer’s total profit decreases.

B) total revenue decreases and total cost increases, both thereby decreasing the farmer’s total profit.

C) total revenue does not change but total cost increases, thereby decreasing the farmer’s total profit.

D) marginal revenue increases, but so does marginal cost so that the farmer’s total profit increases.

E) total revenue and total cost both rise but the effect on the farmer’s total profit is uncertain.

69) To increase its profit, a perfectly competitive firm will produce more output when

A) price is greater than average fixed cost.

B) price is greater than marginal cost.

C) marginal cost is less than average total cost.

D) average variable cost is greater than average fixed cost.

E) price is greater than average variable cost.

70) In a perfectly competitive market, the market price is $23. At the current level of output, a firm has a marginal cost of $28. What should the firm do?

A) produce a larger output to make more profit

B) nothing, it is currently maximizing profit

C) produce less output to make more profit

D) shut down

E) raise the price of its product

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July 1, 2023

61. Which of the following statements regarding intermolecular forces is incorrect?

A)Hydrogen bonding is the strongest of the intermolecular forces.

B)London dispersion forces increase with increasing molecular size.

C)Dipole-dipole forces are present in all atoms and molecules.

D)In order for a pure substance to participate in hydrogen bonding, it must have hydrogen bonded to F, O, or N.

E)Intermolecular forces are much weaker than bonding forces.

62. Which of the following statements regarding intermolecular forces is incorrect?

A)Hydrogen bonding is the strongest of the intermolecular forces for substances of similar molar mass.

B)London dispersion forces are present in all atoms and molecules.

C)Dipole-dipole forces increase with increasing molecular size.

D)Bonding forces are much stronger than intermolecular forces.

E)Hydrogen bonding is the reason for the abnormally high boiling point of water.

63. Which choice correctly lists the intermolecular forces present in CH3NH2?

A)London forces only

B)dipole-dipole forces only

C)London forces, dipole-dipole forces, and hydrogen bonding

D)dipole-dipole forces and hydrogen bonding

E)hydrogen bonding only

64. Which choice correctly lists the intermolecular forces present in CH4?

A)London forces only

B)London forces and dipole-dipole forces

C)London forces, dipole-dipole forces, and hydrogen bonding

D)dipole-dipole forces and hydrogen bonding

E)London forces and hydrogen bonding

65. Which choice correctly lists the intermolecular forces present in CH3Br?

A)London forces only

B)London forces and dipole-dipole forces

C)London forces, dipole-dipole forces, and hydrogen bonding

D)dipole-dipole forces and hydrogen bonding

E)London forces and hydrogen bonding

66. Arrange the following substances in order of increasing boiling point: CH3OH, CH4, CH3CH2OH, HOCH2CH2OH

A)CH3OH < CH4 < CH3CH2OH < HOCH2CH2OH B)CH4 < CH3OH < CH3CH2OH < HOCH2CH2OH C)CH4 < CH3OH < HOCH2CH2OH < CH3CH2OH D)CH3OH < CH4 < HOCH2CH2OH < CH3CH2OH E)HOCH2CH2OH < CH3CH2OH < CH3OH < CH4 67. Arrange the following substances in order of increasing boiling point: N2, H2, NH3, PH3 A)H2 < N2 < PH3 < NH3D)N2 < PH3 < NH3 < H2 B)N2 < H2 < PH3 < NH3E)NH3 < PH3 < N2 < H2 C)H2 < N2 < NH3 < PH3 68. Select the pair of substances which has the one with the higher equilibrium vapor pressure at a given temperature listed first. A)H2O, H2SD)NH3, PH3 B)CH3CH2OH, CH3OHE)Br2, Cl2 C)CH3COCH3, CH3CH2CH2OH 69. Select the pair of substances which has the one with the higher equilibrium vapor pressure at a given temperature listed first. A)H2O, HClD)AsH3, PH3 B)CH3OH, CH4E)Cl2, Br2 C)CH3CH2CH2OH, CH3COCH3 70. Which of the following statements regarding the liquid state is incorrect? A)Liquids are about 1000 times denser than gases. B)Liquids are normally about 90-95% as dense as their corresponding solid. C)The viscosity of a liquid is a measure of its resistance to flow. D)Molecules with high intermolecular forces will have high surface tension. E)Surface tension increases as temperature increases.