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

[JimmyJoe]

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.

Output	TVC ($)	TFC ($)
0	0	100
1	40	100
2	70	100
3	120	100
4	180	100
5	250	100
6	330	100

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

[leilani49]

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[JimmyJoe]

YES! Correct, THANKS for helping me on my review

[bigcheese9]

Thanks for the timely response, appreciate it