Left out questions

14-85. Profit-maximizing firms enter a competitive market when, for existing firms in that market, total revenue exceeds fixed costs.

f

14-121. The decision to shut down and the decision to exit are both short-run decisions , this statement is correct regarding a firm's decisionmaking.

false

profit maximizing firms enter a competitive market when, for existing firms in that market,

price exceeds average total cost

when a perfectly competitive firm makes a decision to shut down, it is most likely that

price is below minimum of average variable cost

at which quantity of output is marginal revenue equal to marginal cost?

6

if this firm chooses to maximize profit it will choose a level of output where marginal cost is equal to ___.

9`

14-144. When new firms have an incentive to enter a competitive market, their entry will increase the price of the product.

False

When price is p3, the profit-maximizing firm will produce what level of output?

Q3

a firm will exit a market if, for all positive levels of output,

all of the above

for a competitive firm...

average revenue, marginal revenue, and the price of the good re all equal to one another

14-172. When some resources used in production are only available in limited quantities, it is likely that the long-run supply curve in a competitive market is downward sloping.

f

for a firm in a perfectly competitive market, the price of the good is always

equal to marginal revenue

if a firm in a perfectly competitive market tipples the number of units of output sold, then total revenue will...

exactly triple

14-146. In a perfectly competitive market, the process of entry and exit will end when, for firms in the market, price is equal to average variable cost.

f

14-127. The complete description of a competitive firm's supply curve is as follows: The competitive firm's short-run supply curve is that portion of the average variable cost curve that lies above marginal cost.

false

firms that shut down in the short run still have to pay their

fixed costs

14-83. In the long run all of a firm's costs are variable. In this case the exit criterion for a profit-maximizing firm is price < average total cost.

t

at the production level of 4 units, which of the following is true?

total revenue is greater than variable cost