Refer to Table 12-2. How many pounds of apples should Margie sell to maximize her profit?
A) 300 pounds
B) 400 pounds
C) This cannot be determined without knowing Margie's total or marginal production costs.
D) This can be determined only when all of the values for market price, total revenue, average revenue and marginal revenue are given.
Question 2
Economies of scale will create a barrier to entry in an oligopoly industry when
A) a firm's minimum efficient scale occurs where long-run average total costs are constant.
B) the typical firm's long-run average total cost curve reaches a minimum at a level of output that is a small fraction of total industry sales.
C) the industry's four-firm concentration ratio is less than 40 percent.
D) the typical firm's long-run average total cost curve reaches a minimum at a level of output that is a large fraction of total industry sales.
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