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67.
Refer to the data in Figure 22.1. The price of this good
68.
Refer to the data in Figure 22.1. The shape of the total revenue curve indicates that the price
of this good
69.
Refer to the data in Figure 22.1. The profit-maximizing output for this firm is
70. Marginal revenue is the change in
71. For the perfectly competitive firm, the marginal revenue is always
72. For perfectly competitive firms, price
73. Short-run profits are maximized at the rate of output where
A. Average total costs are minimized.
74. A perfectly competitive firm will maximize profits by choosing an output level where
75. A perfectly competitive firm should expand output when
A. P < ATC.
76. If a perfectly competitive firm is producing a rate of output at which MC exceeds price, then
the firm
A. Must have an economic loss.
77. If price is greater than marginal cost, a perfectly competitive firm should increase
output because
78. If price is less than marginal cost, a perfectly competitive firm should decrease output
because
80.
Refer to Figure 22.2 for a perfectly competitive firm. The profit-maximizing quantity of output
is
81.
Refer to Figure 22.3 At quantity level B
82.
Refer to Figure 22.3 for a perfectly competitive firm. If the market price is $15,
83.
Refer to Figure 22.3 for a perfectly competitive firm. If the market price is $23,
84.
Refer to Figure 22.3 for a perfectly competitive firm. If the market price is $10,
85.
Refer to Figure 22.3 for a perfectly competitive firm. This firm should shut down at any price
below
86.
Refer to Figure 22.3 for a perfectly competitive firm. At a market price of $23, profit per unit is
maximized at an output of
87.
Refer to Figure 22.3 for a perfectly competitive firm. At a market price of $23, total profits
are maximized at an output of
88.
Refer to Figure 22.3 for a perfectly competitive firm. The law of diminishing returns
takes effect at an output of
89.
Refer to Figure 22.3 for a perfectly competitive firm. Which of the following statements is true
for this firm between the prices of $10 and $15?
