Microeconomics Study Set 10
Quiz 13: Perfect Competition
According to the Graph Shown,the Market Price Is
According to the graph shown,the market price is: A) $15 B) $9 C) $11 D) $20
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For a firm in a perfectly competitive market,a price decrease: A) increases the profit-maximizing quantity. B) lowers the profit-maximizing quantity. C) is unrelated to the profit-maximizing quantity. D) signifies the firm should leave the market.
The MC of a firm: A) crosses TC at its minimum. B) crosses AVC and ATC at its minimum. C) crosses MR at the above the profit-maximizing level of output. D) is a horizontal line indicating that costs are constant in perfect competition.
As long as average revenue remains above average total cost: A) total revenue will be higher than total cost. B) the firm will be making profits. C) price will be greater than average total cost. D) All of these are true.
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