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Question: help on the microecononomics questions please exhibit 239 refer to...

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Help on the Microecononomics questions please

Exhibit 23-9

ppg__cognero__Chapter_9_Perfect_Competit

Refer to Exhibit 23-9. Suppose that the market starts out at long-run competitive equilibrium with price equal to P1 and producing Q1 output, and then demand increases from D1 to D2. As a consequence, the typical profit-maximizing firm will

a.

increase quantity produced by (q2 - q1).

b.

decrease quantity produced by (q2 - q1).

c.

decrease quantity produced by (q1 - q3).

d.

not change its output level because the demand curve it is facing did not change.

If all firms in an industry sell their product for the same price it is a result of

Select one:

a. collusion.

b. perfect competition.

c. a government law that specifies all firms must charge the same price.

d. a or b

e. There is not enough information to answer the question.

Exhibit 23-3

(1)

(2)

(3)

Price

Quantity Sold

Total Cost

$8

40

$274

$8

41

$276

$8

42

$280

$8

43

$285

$8

44

$293

$8

45

$302

$8

46

$312

$8

47

$325

Refer to Exhibit 23-3. What quantity of output should the profit-maximizing firm produce?

Select one:

a. 41 units

b. 42 units

c. 44 units

d. 45 units

e. 46 units

Which of the following is a characteristic of perfect competition?

Select one:

a. many sellers and few buyers

b. many buyers and few sellers

c. a heterogeneous product

d. buyers and sellers having all relevant information

e. high barriers to entry and exit

Exhibit 23-8

ppg__cognero__Chapter_9_Perfect_Competit

Refer to Exhibit 23-8. What is the total revenue of Firm A at the profit-maximizing (or loss-minimizing) level of output?

Select one:

a. $300

b. $700

c. $1,000

d. $400

In long-run equilibrium, the perfectly competitive firm earns __________ economic profits.

Select one:

a. positive

b. zero

c. negative

d. any of the above

Exhibit 23-10

Output (Q)

Total Revenue

Total Cost

0

$0

$10

1

25

40

2

50

60

3

75

70

4

100

75

5

125

85

6

150

110

7

175

140

8

200

180

Refer to Exhibit 23-10.  What quantity of output should the profit-maximizing firm produce?

Select one:

a. 0

b. 4

c. 6

d. 7

e. 8

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