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ECS1501-25-Y Topics 12 -15
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Use the diagram below which shows the short-run conditions of a firm in a perfectly competitive market to answer the question.
The firm is making _______.
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Which one of the following statements is incorrect? Under perfect competition
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A monopoly produces a heterogeneous product.
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Under perfect competition the market price also represents the marginal revenue and average revenue of each firm.
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In the long run, all factors of production are variable.
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Look at the figure below and then indicate whether the statement is True (T) or False (F):
At prices R20 and R30 (Q1 and Q2 respectively), the firm incurs an economic loss.
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Average revenue is total revenue (TR or P x Q) divided by the quantity of products sold (Q).
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A perfectly competitive firm maximises its profit by choosing the output level where revenue (or production) is maximised.
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Perfect competition is studied because it is the most acceptable form of competition.
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Perfectly competitive firms can incur economic losses in the short run.
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