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Author Question: Assume the following total cost schedule for a perfectly competitive firm.OutputTVC ($)TFC ($)0 ... (Read 61 times)

JimmyJoe

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on: Oct 12, 2022

Question 1

Which of the following statements apply to a perfectly competitive market?
1. There is freedom of entry and exit of firms in the industry.
2. Consumers prefer certain brands over others.
3. All firms in the industry are price takers.
◦ 1 only
◦ 2 only
◦ 3 only
◦ 1 and 2 only
◦ 1 and 3 only

Question 2

Assume the following total cost schedule for a perfectly competitive firm.

OutputTVC ($)TFC ($)
0    0100
1  40100
2  70100
3120100
4180100
5250100
6330100

TABLE 9-1

Refer to Table 9-1. What is the marginal cost of producing the 5th unit of output?
◦ $30
◦ $70
◦ $50
◦ $80
◦ $35
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by JimmyJoe on Oct 12, 2022

leilani49

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Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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JimmyJoe

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Reply 2 on: Oct 12, 2022
Great answer, keep it coming :)

31809pancho

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Reply 3 on: Yesterday
Excellent

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