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Figure: Cost Curves for Corn Producers
Reference: Ref 12-3
(Figure: Cost Curves for Corn Producers) Look at the figure Cost Curves for Corn
Producers. (Figure: Cost Curves for Corn Producers)The market for corn is perfectly
competitive, and an individual corn farmer faces the cost curves shown in the figure.
If the price of a bushel of corn in the market is $10, then the farmer will produce
________ of corn and experience an economic ________ equal to ________.
143. Multiple Choice: Figure: Costs and Profits for Tomato ...
Question
Points: 0
Figure: Costs and Profits for Tomato Producers
Reference: Ref 12-4
(Figure: Costs and Profits for Tomato Producers) Look at the figure Costs and
Profits for Tomato Producers. The market for tomatoes is perfectly competitive, and
an individual tomato farmer faces the cost curves shown in the figure. The market
price of a bushel of tomatoes is $18. If the market price increases to $20, the
farmer's marginal revenue ________ and the profit-maximizing output ________.
144. Multiple Choice: Figure: Costs and Profits for Tomato ...
Question
Points: 0
Figure: Costs and Profits for Tomato Producers
Reference: Ref 12-4
(Figure: Costs and Profits for Tomato Producers) Look at the figure Costs and
Profits for Tomato Producers. The market for tomatoes is perfectly competitive, and
an individual tomato farmer faces the cost curves shown in the figure. The market
price of a bushel of tomatoes is $18. If the market price falls to $16, the farmer's
marginal revenue ________ and the profit-maximizing output ________.
145. Multiple Choice: Figure: Total Cost for Tomato Produce...
Question
Points: 0
Figure: Total Cost for Tomato Producers
Reference: Ref 12-5
(Figure: Total Cost for Tomato Producers) Look at the figure Total Cost for Tomato
Producers. The market for tomatoes is perfectly competitive, and an individual
tomato farmer faces the cost curves shown in the figure. The market price of a
bushel of tomatoes is $14. The farmer's total cost at the profit-maximizing number
of bushels is:
146. Multiple Choice: Figure: Revenues, Costs, and Profits ...
Question
Points: 0
Figure: Revenues, Costs, and Profits for Tomato Producers
Reference: Ref 12-6
(Figure: Revenues, Costs, and Profits for Tomato Producers) Look at the figure
Revenues, Costs, and Profits for Tomato Producers. The market for tomatoes is
perfectly competitive, and an individual tomato farmer faces the cost curves shown
in the figure. The market price of a bushel of tomatoes is $18. At the profit-
maximizing quantity of output in the figure, the farmer's total revenue is ________,
total cost is ________, and profit is ________.
147. Multiple Choice: Figure: Revenues, Costs, and Profits ...
Question
Points: 0
Figure: Revenues, Costs, and Profits II for Tomato Producers
Reference: Ref 12-7
(Figure: Revenues, Costs, and Profits II for Tomato Producers) Look at the figure
Revenues, Costs, and Profits II for Tomato Producers. The market for tomatoes is
perfectly competitive, and an individual tomato farmer faces the cost curves shown
in the figure. The market price of a bushel of tomatoes is $10. At the farmer's profit-
maximizing output, total revenue is ________, total cost is ________, and profit is
________.
148. Multiple Choice: Figure: Revenues, Costs, and Profits ...
Question
Points: 0
Figure: Revenues, Costs, and Profits III for Tomato Producers
Reference: Ref 12-8
(Figure: Revenues, Costs, and Profits III for Tomato Producers) Look at the figure
Revenues, Costs, and Profits III for Tomato Producers. The market for tomatoes is
perfectly competitive, and an individual tomato farmer faces the cost curves shown
in the figure. If market price of a bushel of tomatoes is $18, the farmer's profit-
maximizing output is ________bushels.
149. Multiple Choice: Figure: Revenues, Costs, and Profits ...
Question
Points: 0
Figure: Revenues, Costs, and Profits III for Tomato Producers
Reference: Ref 12-8
(Figure: Revenues, Costs, and Profits III for Tomato Producers) Look at the figure
Revenues, Costs, and Profits III for Tomato Producers. The market for tomatoes is
perfectly competitive, and an individual tomato farmer faces the cost curves shown
in the figure. If the market price of a bushel of tomatoes is $14, the farmer's profit-
maximizing output is________ bushels.
150. Multiple Choice: Figure: Revenues, Costs, and Profits ...
Question
Points: 0
Figure: Revenues, Costs, and Profits III for Tomato Producers
Reference: Ref 12-8
(Figure: Revenues, Costs, and Profits III for Tomato Producers) Look at the figure
Revenues, Costs, and Profits III for Tomato Producers. The market for tomatoes is
perfectly competitive, and an individual tomato farmer faces the cost curves shown
in the figure. If the market price of a bushel of tomatoes is $8, the farmer's profit-
maximizing output is ________ bushels.
151. Multiple Choice: Figure: Revenues, Costs, and Profits ...
Question Figure: Revenues, Costs, and Profits III for Tomato Producers
Reference: Ref 12-8
(Figure: Revenues, Costs, and Profits III for Tomato Producers) Look at the figure
Revenues, Costs, and Profits III for Tomato Producers. The market for tomatoes is
perfectly competitive, and an individual tomato farmer faces the cost curves shown
in the figure. If the market price of a bushel of tomatoes is $18, this farm will:
Points: 0
152. Multiple Choice: Figure: Revenues, Costs, and Profits ...
Question Figure: Revenues, Costs, and Profits III for Tomato Producers
Reference: Ref 12-8
(Figure: Revenues, Costs, and Profits III for Tomato Producers) Look at the figure
Revenues, Costs, and Profits III for Tomato Producers. The market for tomatoes is
perfectly competitive, and an individual tomato farmer faces the cost curves shown
in the figure. If market price of a bushel of tomatoes is $12, this farm will:
153. Multiple Choice: Figure: Revenues, Costs, and Profits ...
Question
Points: 0
Points: 0
Figure: Revenues, Costs, and Profits III for Tomato Producers
Reference: Ref 12-8
(Figure: Revenues, Costs, and Profits III for Tomato Producers) Look at the figure
Revenues, Costs, and Profits III for Tomato Producers. The market for tomatoes is
perfectly competitive, and an individual tomato farmer faces the cost curves shown
in the figure. The farm's short-run supply curve is the ________ curve above a price
of ________.
154. Multiple Choice: Figure: The Marginal Decision Rule Re...
Question Figure: The Marginal Decision Rule
Reference: Ref 12-9
(Figure: Marginal Decision Rule) Look at the figure The Marginal Decision Rule. At
q2 or the ________, the ________ is equal to marginal cost.
Answer minimum-cost output; shut-down price
Points: 0
155. Multiple Choice: Figure: The Marginal Decision Rule Re...
Question Figure: The Marginal Decision Rule
Reference: Ref 12-9
(Figure: Marginal Decision Rule) Look at the figure The Marginal Decision Rule. If
P1 is the market price and if this firm is profit maximizing, it should produce:
Answer where MR > MC.
156. Multiple Choice: Figure: The Marginal Decision Rule Re...
Question
Points: 0
Points: 0
Figure: The Marginal Decision Rule
Reference: Ref 12-9
(Figure: Marginal Decision Rule) Look at the figure The Marginal Decision Rule.
Given the market price P1, B is the ________ curve.
157. Multiple Choice: Figure: The Marginal Decision Rule Re...
Question Figure: The Marginal Decision Rule
Reference: Ref 12-9
(Figure: Marginal Decision Rule) Look at the figure The Marginal Decision Rule.
Economic profit:
Points: 0
158. Multiple Choice: Figure: The Marginal Decision Rule Re...
Question Figure: The Marginal Decision Rule
Reference: Ref 12-9
(Figure: Marginal Decision Rule) Look at the figure The Marginal Decision Rule. As
long as the price is above the minimum variable cost, this firm should produce
quantity ________ where ________ = ________ to maximize economic profit.
159. Multiple Choice: Figure: The Marginal Decision Rule Re...
Question
Points: 0
Points: 0
Figure: The Marginal Decision Rule
Reference: Ref 12-9
(Figure: Marginal Decision Rule) Look at the figure The Marginal Decision Rule. To
the left of point C (e.g., at q1):
160. Multiple Choice: Figure: The Profit Maximizing Firm Re...
Question
Points: 0
Figure: The Profit Maximizing Firm
Reference: Ref 12-10
(Figure: The Profit Maximizing Firm) Look at the figure The Profit Maximizing Firm.
The figure shows cost curves for a firm operating in a perfectly competitive market.
M is the ________ curve.
161. Multiple Choice: Figure: The Profit Maximizing Firm Re...
Question
Points: 0
Figure: The Profit Maximizing Firm
Reference: Ref 12-10
(Figure: The Profit Maximizing Firm) Look at the figure The Profit Maximizing Firm.
The figure shows cost curves for a firm operating in a perfectly competitive market.
N is the ________ curve.
162. Multiple Choice: Figure: The Profit Maximizing Firm Re...
Question
Points: 0
Figure: The Profit Maximizing Firm
Reference: Ref 12-10
(Figure: The Profit Maximizing Firm) Look at the figure The Profit Maximizing Firm.
The figure shows cost curves for a firm operating in a perfectly competitive market.
If the market price is P3, the firm will produce quantity ________ and ________ in
the short run.
163. Multiple Choice: Figure: The Profit Maximizing Firm Re...
Question
Points: 0
Figure: The Profit Maximizing Firm
Reference: Ref 12-10
(Figure: The Profit Maximizing Firm) Look at the figure The Profit Maximizing Firm.
The figure shows cost curves for a firm operating in a perfectly competitive market.
If the market price is P4, the firm will produce quantity ________ and ________ in
the short run.
164. Multiple Choice: Figure: The Profit Maximizing Firm Re...
Question
Points: 0
Figure: The Profit Maximizing Firm
Reference: Ref 12-10
(Figure: The Profit Maximizing Firm) Look at the figure The Profit Maximizing Firm.
The figure shows cost curves for a firm operating in a perfectly competitive market.
O is the ________ curve.
165. Multiple Choice: Figure: The Profit Maximizing Firm Re...
Question
Points: 0
