Microeconomics Exam 2- Chapter 11

Your page rank:

Total word count: 315
Pages: 1

Calculate the Price

- -
275 words
Looking for Expert Opinion?
Let us have a look at your work and suggest how to improve it!
Get a Consultant

1. Refer to the diagram showing the average total cost curve for a purely competitive firm. At the
long-run equilibrium level of output, this firm’s total revenue:

C. is $400.

2. Refer to the diagram showing the average total cost curve for a purely competitive firm. At the
long-run equilibrium level of output, this firm’s total cost:

C. is $400.

Refer to the diagram showing the average total cost curve for a purely competitive firm. At the
long-run equilibrium level of output, this firm’s economic profit:

A. is zero.

4. The MR = MC rule applies:

C. in both the short run and the long run.

5. If the long-run supply curve of a purely competitive industry slopes upward, this implies
that the prices of relevant resources:

D. rise as the industry expands.

6. .
Refer to the diagram. Line (1) reflects the long-run supply curve for:

C. an increasing-cost industry.

7. .
Refer to the diagram. Line (2) reflects the long-run supply curve for:

A. a constant-cost industry.

8. .
Refer to the diagram. Line (1) reflects a situation where resource prices:

B. increase as industry output expands.

9. .
Refer to the diagram. Line (2) reflects a situation where resource prices:

D. remain constant as industry output expands.

10. Allocative efficiency is achieved when the production of a good occurs where:

B. P = MC.

11. A firm is producing an output such that the benefit from one more unit is more than the
cost of producing that additional unit. This means the firm is:

B. producing less output than allocative efficiency requires.

12. Resources are efficiently allocated when production occurs where:

C. price is equal to marginal cost.

13. The term productive efficiency refers to:

C. the production of a good at the lowest average total cost.

14. If the price of product Y is $25 and its marginal cost is $18:

C. resources are being underallocated to Y.

15. Which of the following conditions is true for a purely competitive firm in long-run
equilibrium?

C. P = MC = minimum ATC.

Share This
Flashcard

More flashcards like this

NCLEX 10000 Integumentary Disorders

When assessing a client with partial-thickness burns over 60% of the body, which finding should the nurse report immediately? a) ...

Read more

NCLEX 300-NEURO

A client with amyotrophic lateral sclerosis (ALS) tells the nurse, "Sometimes I feel so frustrated. I can’t do anything without ...

Read more

NASM Flashcards

Which of the following is the process of getting oxygen from the environment to the tissues of the body? Diffusion ...

Read more

Unfinished tasks keep piling up?

Let us complete them for you. Quickly and professionally.

Check Price

Successful message
sending