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1、Econ231---ProblemsonChapter13ProfitsinCompetitiveMarkets1.Inacompetitivemarket,theactionsofanysinglebuyerorsellerwilla.haveanegligibleimpactonthemarketprice.b.havelittleeffectonoverallproductionbutwillultimatelychangefinalproductprice.c.causeanoticeablechangeinoverallproducti
2、onandachangeinfinalproductprice.d.adverselyaffecttheprofitabilityofmorethanonefirminthemarket.2.WhichofthefollowingisNOTacharacteristicofaperfectlycompetitivemarket?a.Firmsarepricetakers.b.Firmshavedifficultyenteringthemarket.c.Therearemanysellersinthemarket.d.Goodsofferedfor
3、salearelargelythesame.3.Supposeafirminacompetitivemarketproducesandsells8unitsofoutputandhasamarginalrevenueof$8.00.Whatwouldbethefirm'stotalrevenueifitinsteadproducedandsold4unitsofoutput?a.$4.00b.$8.00c.$32.00d.$64.004.Supposeafirminacompetitivemarketreceived$1,000intotalre
4、venueandhadamarginalrevenueof$10forthelastunitproducedandsold.Whatistheaveragerevenueperunit,andhowmanyunitsweresold?a.$5and50b.$5and100c.$10and50d.$10and1005.Whichofthefollowingexpressionsiscorrectforacompetitivefirm?a.Profit=(Quantityofoutput)x(Price-Averagetotalcost)b.Marg
5、inalrevenue=(Changeintotalrevenue)/(Quantityofoutput)c.Averagecost=Totalvariablecost/Quantityofoutputd.Averagerevenue=(Marginalrevenue)x(Quantityofoutput)Table13-2ThefollowingtablepresentscostandrevenueinformationforSoper’sPortVineyard.COSTSREVENUESQuantityProducedTotalCostMa
6、rginalCostQuantityDemandedPriceTotalRevenueMarginalRevenue?0?100?--?0?120?--?1?150?1?120?2?202?2?120?3?257?3?120?4?317?4?120?5?385?5?120?6?465?6?120?7?562?7?120?8?682?8?1206.RefertoTable13-2.Consumersarewillingtopay$120perunitofportwine.Whatisthetotalrevenuefromselling7units?
7、a.$120b.$700c.$820d.$8407.RefertoTable13-2.Consumersarewillingtopay$120perunitofportwine.Whatisthemarginalrevenuefromsellingthe3rdunit?a.$50b.$80c.$120d.$1408.RefertoTable13-2.Consumersarewillingtopay$120perunitofportwine.Whatistheaveragerevenuewhen4unitsaresold?a.$50b.$120c.
8、$125d.$1309.RefertoTable13-2.Consumersarewillingtopay$120perunitofpo
