Question : 32) Bill owns a lawn-care company in Windermere, Florida, whose : 1241200

 

 

32) Bill owns a lawn-care company in Windermere, Florida, whose cost curves are illustrated in the above figure. The market equilibrium price in this perfectly competitive market equals $32 per lawn mowed. At this price, how many lawns will Bill mow per week?

A) more than 10 and less than 30

B) 30

C) 40

D) 50

E) 0

 

33) Bill owns a lawn-care company in Windermere, Florida, whose cost curves are illustrated in the above figure. The market equilibrium price in this perfectly competitive market equals $32 per lawn mowed. Bill’s average total cost curve is ATC, so his total cost of production equals

A) $0 because Bill shuts down.

B) more than $0 and less than $1,200 per week.

C) more than $1,200 and less than $1,400 per week.

D) more than $1,400 per week and less than $1,800 per week.

E) more than $1,800 per week.

34) Bill owns a lawn-care company in Windermere, Florida, Florida, whose cost curves are illustrated in the above figure. The market equilibrium price in this perfectly competitive market equals $32 per lawn mowed. If Bill’s average total cost curve is ATC, his total economic ________ equals ________.

A) loss; $800 per week

B) profit; $1,280 per week

C) profit; $480 per week

D) loss; $1,280 per week

E) profit; $32 per week

 

35) If the market supply curve and market demand curve for a good intersect at 600,000 units and there are 10,000 identical firms in the market, then each firm is producing

A) 600,000 units.

B) 60,000,000,000 units.

C) 60,000 units.

D) 60 units.

E) 10,000 units.

 

36) In the short run, a perfectly competitive firm

A) must make an economic profit.

B) must incur an economic loss.

C) must make zero economic profit.

D) might make an economic profit, zero economic profit, or incur an economic loss.

E) None of the above answers is correct.

37) A perfectly competitive firm definitely makes an economic profit in the short run if price is

A) equal to marginal cost.

B) equal to average total cost.

C) greater than average total cost.

D) greater than marginal cost.

E) greater than average variable cost.

 

38) If a perfectly competitive firm is maximizing its profit and is making an economic profit, which of the following is correct?

i.Price equals marginal revenue.

ii.Marginal revenue equals marginal cost.

iii.Price is greater than average total cost.

A) i only

B) i and ii only

C) ii and iii only

D) i and iii only

E) i, ii, and iii

 

39) The market for watermelons in Alabama is perfectly competitive. A watermelon producer making zero economic profit could make an economic profit if the

A) average total cost of selling watermelons does not change.

B) average total cost of selling watermelons rises.

C) average total cost of selling watermelons falls.

D) marginal cost of selling watermelons does not change.

E) marginal cost of selling watermelons rises.

40) Juan’s Software Service Company is in a perfectly competitive market. Juan has total fixed cost of $25,000, average variable cost for 1,000 service calls is $45, and marginal revenue is $75. Juan’s makes 1,000 service calls a month. What is his economic profit?

A) $5,000

B) $25,000

C) $45,000

D) $75,000

E) $50,000

 

41) If a perfectly competitive firm finds that price is less than its ATC, then the firm

A) will raise its price to increase its economic profit.

B) will lower its price to increase its economic profit.

C) is making an economic profit.

D) is incurring an economic loss.

E) is making zero economic profit.

 

 

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more