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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

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

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