1. Refer to the diagram showing the average total cost curve for a purely competitive firm. At the |
C. is $400. |
2. Refer to the diagram showing the average total cost curve for a purely competitive firm. At the |
C. is $400. |
Refer to the diagram showing the average total cost curve for a purely competitive firm. At the |
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 |
D. rise as the industry expands. |
6. . |
C. an increasing-cost industry. |
7. . |
A. a constant-cost industry. |
8. . |
B. increase as industry output expands. |
9. . |
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 |
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 |
C. P = MC = minimum ATC. |
Microeconomics Exam 2- Chapter 11
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