200
False
A competitive firm will produce in the short run so long as its price exceeds its average fixed cost
False
A pure monopolist will maximize profits by producing at that output where price and marginal costs are equal
True
Because the equilibrium position of a prey competitive seller entails an quality of price and marginal costs, competition produces up to an efficient allocation of economic resources
False
In a maximizing profit a firm will always produce that output where total revenues are at a maximum
False
In a purely competitive industry competition centers more on advertising and sales promotion than on price
False
In the long run a pure monopolist must produce at that output where average total cost is at its minimum
False
In the long-run a competitive firm will always choose to shut down if product price is less than the lowest attainable average total cost
False
In the short run a pure monopolist will maximize profits by producing at that level of output here the difference between price an average total cost is at a maximum
True
Marginal cost is a measure of the alternative goods which society forgoes in using resources to produce an additional unit of some specific product
True
Marginal revenue is the addition to total revenue resulting from the sale of one more unit of output
True
Price and marginal revenue are identical for an individual purely competitive seller
False
The demand curve for a purely competitive industry is perfectly elastic, but the demand curve faced by individual firms in such an industry are downsloping
True
The total revenue curve of a competitive seller graph as a straight, upsloaping line
True
After all long-run adjustments have been completed, a firm in a competitive industry will produce that level of output where average total cost is at a minimum
False
Although individual purely competitive firms can influence the price of their product, these firms as a group cannot influence market price