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ECON-1010-D1/D2-Introduction to Microeconomics

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Use the figure below to answer the following questions.

Figure 11.3.1

Refer to Figure 11.3.1, which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive industry. In the short run, if the market price of the good is $10, the firm produces ________ units of output and ________.
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Use the information below to answer the following questions.

Fact 11.2.1 GM to Cut Production and Jobs

General Motors will temporarily idle five U.S. assembly plants that build sedans and coupes, such as the Chevrolet Cruze, Cadillac CTS, and Chevy Camaro, as American motorists by the millions shift from passenger cars to utility vehicles and other light trucks.

Source: The Toronto Star, December 21, 2016

Refer to Fact 11.2.1. The shutdown decision maximizes GM's economic profit (or minimizes its loss) when price is less than
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If a perfectly competitive market is in a short-run equilibrium and each firm has P > ATC, then
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Use the table below to answer the following questions.

Table 11.2.3

Refer to Table 11.2.3, which gives the total cost schedule for Brenda's Balloon Shop, a perfectly competitive firm. The marginal cost of increasing production from 4 balloons an hour to 5 balloons an hour is
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Use the table below to answer the following questions.

Table 11.2.2

Refer to Table 11.2.2, which gives the total cost schedule for Chip's Pizza Palace, a perfectly competitive firm. If Chip shuts down in the short run, his total cost is
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A profit-maximizing firm in a competitive market produces small rubber balls. When the market price for small rubber balls falls below the minimum of its average total cost but still lies above the minimum of average variable cost, what happens to the firm?
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In long-run equilibrium, a perfectly competitive firm has
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Suppose that in a perfectly competitive industry, the market price of the product is $27. A firm is producing the output level at which average total cost equals marginal cost, both of which are $25. Average variable cost is $23. To maximize profits in the short run, the firm should
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Use the figure below to answer the following questions.

Figure 11.1.1

Refer to Figure 11.1.1. The firm competes in a perfectly competitive market. If price decreases, the total revenue curve
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