Q6. In the long-run, a firm operating under perfect competition will: A) produce a quantity where marginal revenue is less than marginal cost. B) face a vertical demand curve. C) generate zero economic profit.
Q7. A firm operating under perfect competition will experience economic losses when which of the following conditions exists? A) Marginal cost is less than average total cost. B) Market price is less than average total cost. C) Marginal revenue is greater than average total cost.
Q8. Assume that a perfectly competitive firm produces 10 units of a good and sells them each for a price (P) equal to $15. If the marginal cost (MC) of the 10th unit is $15 and the average total cost (ATC) is $13, economic profit for the firm is closest to: A) $20. B) $0. C) $120.
Q9. A profit maximizing firm will expand output as long as marginal revenue is:
A) greater than average fixed cost. B) greater than marginal cost. C) less than marginal cost.
Q10. A competitive firm will tend to expand its output as long as:
A) its marginal revenue is greater than the market price. B) its marginal revenue is positive. C) the market price is greater than the marginal cost.
[此贴子已经被作者于2009-1-6 13:48:19编辑过] | 
发表于 2009-1-6 13:28
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