Sec 14.2 MC Profit Maximization and the Competitive Firm

Sec 14.2 MC Profit Maximization and the Competitive Firm

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時(shí)間：2019-09-23

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1、1.?Ifacompetitivefirmiscurrentlyproducingalevelofoutputatwhichmarginalrevenueexceedsmarginalcost,then?a.?aone-unitincreaseinoutputwillincreasethefirm'sprofit.?b.?aone-unitdecreaseinoutputwillincreasethefirm'sprofit.?c.?totalrevenueexceedstotalcost.?d.?totalcostexceedstotalrevenue.ANSWER:?

2、?aDIFFICULTY:??ModerateLEARNING?OBJECTIVES:??ECON.MANK.284-Giventhemarketpriceandthefirm’sproductioncosts,determinetheprofit-maximizingoutcomeofaperfectlycompetitivefirm.TOPICS:??PerfectcompetitionKEYWORDS:??BLOOM'S:AnalysisCUSTOM?ID:??001.14.2-MC-MANK082.?Ifacompetitivefirmiscurrentlypro

3、ducingalevelofoutputatwhichmarginalcostexceedsmarginalrevenue,then?a.?aone-unitincreaseinoutputwillincreasethefirm'sprofit.?b.?aone-unitdecreaseinoutputwillincreasethefirm'sprofit.?c.?totalrevenueexceedstotalcost.?d.?totalcostexceedstotalrevenue.ANSWER:??bDIFFICULTY:??ModerateLEARNING?OBJ

4、ECTIVES:??ECON.MANK.284-Giventhemarketpriceandthefirm’sproductioncosts,determinetheprofit-maximizingoutcomeofaperfectlycompetitivefirm.TOPICS:??PerfectcompetitionKEYWORDS:??BLOOM'S:AnalysisCUSTOM?ID:??002.14.2-MC-MANK083.?Ifacompetitivefirmiscurrentlyproducingalevelofoutputatwhichmarginal

5、costexceedsmarginalrevenue,then?a.?averagerevenueexceedsmarginalcost.?b.?thefirmisearningapositiveprofit.?c.?decreasingoutputwouldincreasethefirm'sprofit.?d.?Alloftheabovearecorrect.ANSWER:??cDIFFICULTY:??ModerateLEARNING?OBJECTIVES:??ECON.MANK.284-Giventhemarketpriceandthefirm’sproductio

6、ncosts,determinetheprofit-maximizingoutcomeofaperfectlycompetitivefirm.TOPICS:??PerfectcompetitionKEYWORDS:??BLOOM'S:AnalysisCUSTOM?ID:??003.14.2-MC-MANK084.?Comparingmarginalrevenuetomarginalcost(i)revealsthecontributionofthelastunitofproductiontototalprofit.(ii)ishelpfulinmakingprofit-m

7、aximizingproductiondecisions.(iii)tellsafirmwhetheritsfixedcostsaretoohigh.?a.?(i)only?b.?(i)and(ii)only?c.?(ii)and(iii)only?d.?(i)and(iii)onlyCopyrightCengageLearning.PoweredbyCognero.Page?84ANSWER:??bDIFFICULTY:??ModerateLEARNING?OBJECTIVES:??ECON.MANK.284-Giventh

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