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Author Question: Consider the following short-run cost curves for a profit-maximizing firm in a perfectly competitive ... (Read 62 times)

xjustxicex

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Question 1

Consider the following short-run cost curves for a profit-maximizing firm in a perfectly competitive industry.



FIGURE 9-2

Refer to Figure 9-2. If the market price is $1, the firm will produce ________ units of output in the short run.


◦ 0

◦ 300
◦ 400
◦ 100
◦ 200

Question 2

Consider the following short-run cost curves for a profit-maximizing firm in a perfectly competitive industry.



FIGURE 9-2

Refer to Figure 9-2. If the market price is $2, the firm will


◦ produce zero output and suffer a loss equal to its fixed cost.
◦ produce 300 units and make a loss equal to total variable cost.
◦ produce zero output and make zero profit.
◦ continue operating in the short run and suffer a loss that is less than its fixed cost.
◦ produce 200 units and make a loss equal to its total fixed cost.


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Marked as best answer by xjustxicex on Oct 12, 2022

rhhoagland

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xjustxicex

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Reply 2 on: Oct 12, 2022
YES! Correct, THANKS for helping me on my review


jackie

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Reply 3 on: Yesterday
Excellent

 

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