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ECON-1010-D1/D2-Introduction to Microeconomics

ECON-1010-D1/D2-Introduction to Microeconomics

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A firm will want to increase its scale of plant if

it is producing below minimum efficient scale.

marginal cost is below average total cost.

it is persistently producing on the upward-sloping part of its short-run average total cost curve.

it is persistently producing on the downward-sloping part of its short-run average total cost curve.

marginal cost is below average variable cost.

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If the ATC curve is falling, then the MC curve must be

intersecting ATC.

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Use the table below to answer the following questions.

Table 10.3.2

Refer to Table 10.3.2, which gives Tania's Teapots' total cost schedule. When output increases from 8 to 12 teapots, the marginal cost of one of the 4 teapots is

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Long-run equilibrium occurs in a competitive market when

price equals marginal cost.

no barriers to entry exist.

all firms are operating at their shutdown points.

economic profit and economic loss have been eliminated.

total revenue is maximized.

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The competitive firm’s short-run supply curve is that portion of the marginal-cost curve that lies above which average cost?

average marginal cost

average fixed cost

none of the above

average total cost

average variable cost

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The slope of a perfectly competitive firm's demand curve is

greater than 1.

equal to infinity.

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Which of the following is a characteristic of a perfectly competitive market?

Firms have difficulty entering the market.

There are not many sellers in the market.

Firms are price makers.

none of the above

Goods offered for sale are largely the same.

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What do we know about the short-run supply curve for a firm in a perfectly competitive market?

It is likely to be horizontal.

It is determined by forces external to the firm.

none of the above

It is likely to slope downward.

It is the same as its marginal-cost curve (above average variable cost).

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If a profit-maximizing firm in a perfectly competitive market is incurring an economic loss, then it must be producing a level of output where

price is greater than marginal revenue.

average total cost is greater than marginal cost.

marginal cost is greater than marginal revenue.

average total cost is less than marginal cost.

price is greater than marginal cost.

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is competed away in the long run.

all of the above

is the payment to a more productive resource above its opportunity cost.

cannot be earned in long-run competitive equilibrium.

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