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ECON-1010-A-Introduction to Microeconomics

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A graph titled, price and cost (dollars per unit) versus quantity (units).A graph plots two convex curves and a horizontal line. The first convex curve falls from top left to mid-bottom passes through (10, 12). The curve rises through mid-bottom to top right is labeled, A T C. The second convex curve rises from bottom left to mid-top passes through (10, 12). The curve rises through mid-top to the top right is labeled M C. Both the curves intersect each other at point (10, 12). A horizontal line that starts from (0, 10) to (10, 10) is labeled M R.

Figure 11.4.3

Refer to Figure 11.4.3, which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive market. How will this market change in the long run?

In the long run, market
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Which one of the following does not occur in perfect competition?
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Table 11.2.1

The three columns of the table are titled Output in units per day, Total revenue in dollars, and Total colst in dollars.The rows display the data as follows:0; 0; 141; 30; 402; 60; 603; 90; 734; 120; 965; 150; 1336; 180; 1807; 210; 230

Refer to Table 11.2.1, which gives the total revenue and total cost schedules of a perfectly competitive firm. Which of the following statements is correct?
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Table 11.1.1

The two columns of the table are titled Quantity in units per week and Price in dollars per unit. The rows display the data as follows:5; 156; 157; 15

Refer to Table 11.1.1 which gives the demand schedule for a perfectly competitive firm. If the firm sells 6 units per week, what is the firm's marginal revenue?
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Consider a perfectly competitive market in long-run equilibrium. If a technological advance increases the demand for the good, which of the following changes occur in the short run?

The market price ________ and the short-run equilibrium output ________.
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Which of the following situations arises in a perfectly competitive market?

The market demand curve is illustrated by
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A graph of economic profit (dollars per day) versus quantity. A graph plots a continuous smooth curve that rises through closed points A (0, negative 30), B (20, 0), C (30, 30), and (40, 0). All values are estimated.

Figure 11.2.2

Refer to Figure 11.2.2, which shows a perfectly competitive firm's economic profit and loss. At which point is the firm incurring an economic loss in the short run?
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In perfect competition, which of the following types of market demand occur?

The market demand is
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In a perfectly competitive market, each firm maximizes its profit by choosing only the quantity to produce. Regardless of whether the firm makes an economic profit or incurs an economic loss, is the short-run equilibrium efficient?
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In a perfectly competitive market, the market price is $8. If an individual firm is producing the quantity at which MC = $8 a unit and AVC is $10 a unit, what should the firm do to maximize its economic profit in the short run? 
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