Question : 31) Any firm’s average revenue defined as A) total revenue divided : 1384223

 

31) Any firm’s average revenue is defined as

A) total revenue divided by the number of units sold.

B) the change in total revenue resulting from the sale of an additional unit of the product.

C) the total amount received by the seller from the sale of a product.

D) the change in price resulting from the sale of an additional unit of the product.

E) price times quantity of the product sold.

32) A perfectly competitive firm’s total revenue is equal to which of the following?

A) average revenue multiplied by price.

B) price times quantity of the product sold, divided by quantity of the product sold.

C) the revenue received on the last unit sold.

D) marginal revenue times quantity of the product sold.

E) price multiplied by marginal revenue.

33) A perfectly competitive firm’s demand curve coincides with

A) its average-revenue curve and total-revenue curve.

B) its total-revenue curve.

C) both its marginal and average-revenue curves.

D) both its marginal and total-revenue curves.

E) the market demand curve.

34) A perfectly competitive firm’s demand curve

A) has unit elasticity.

B) is identical to the market demand curve.

C) yields constant total revenues.

D) is a horizontal line where P = AR = MR.

E) is downward sloping.

35) For any firm operating in any market structure, marginal revenue (MR) equals

A) p × q.

B) (p × q)/q

C) ?p × ?q.

D) ?q/?p

E) ?(p × q)/?q

36) Firms have several different concepts of revenue: total revenue, average revenue, marginal revenue, and price. For a profit-maximizing perfectly competitive firm, which statement below is true?

A) Total revenue, average revenue, marginal revenue, and price are all equal.

B) Average revenue, marginal revenue, and price are equal.

C) Only marginal revenue and price are equal.

D) Only average revenue and price are equal.

E) None of these revenues are equal.

37) In the short run, the profit-maximizing behaviour for a price-taking firm requires it to operate where

A) P = MC, given that P is greater than or equal to ATC.

B) P = TR = TC.

C) P > MR > MC.

D) AVC = AR.

E) P = MC, given that P is greater than or equal to AVC.

38) For a given market price, a competitive firm’s total-revenue curve

A) is a positively sloped straight line, starting from the origin.

B) increases to the right and then declines when MC = MR.

C) is a straight line that coincides with the market demand curve.

D) is the same as the firm’s demand curve.

E) is the same as the firm’s MR curve.

39) For a given market price, a competitive firm’s average-revenue curve

A) is a positively sloped straight line, starting from the origin.

B) increases to the right and then declines when MC = MR.

C) is a straight line that coincides with the market demand curve.

D) is the same as the firm’s demand curve.

E) is the same as the firm’s TR curve.

40) For a given market price, a competitive firm’s marginal-revenue curve

A) is a positively sloped straight line, starting from the origin.

B) increases to the right and then declines when MC = MR.

C) is a straight line that coincides with the market demand curve.

D) is the same as the firm’s demand curve.

E) is the same as the firm’s TR curve.

 

 

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