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Firms have several different concepts of revenue: total revenue, average revenue, marginal revenue, and price. For a perfectly competitive firm, which statement below is true?

Average revenue, marginal revenue, and price are equal.

100%

Only marginal revenue and price are equal.

Total revenue, average revenue, marginal revenue, and price are all equal.

Only average revenue and price are equal.

None of these revenues are equal.

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Use the table below to answer the following questions.

Table 11.2.5

Quantity (tattoos per hour)	Total cost (dollars per hour)
0	10
1	25
2	35
3	50
4	70
5	95
6	125

Refer to Table 11.2.5. Archibald's Tattoos is a perfectly competitive firm. The firm's total costs are shown in the table. The price at Archibald's shut-down point is

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If a firm in a competitive market reduces its output by 20 percent, what is the price of its output likely to do?

remain unchanged

100%

decrease by less than 20 percent

none of the above

decrease by more than 20 percent

increase

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A firm in a perfectly competitive industry is maximizing its economic profit by producing 500 units of output. At 500 units of output, which one of the following must be false?

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The figure represents the short-run production decision of a perfectly competitive firm. Firms are making an economic

profit, and some firms will leave the industry, causing the industry supply curve to decrease.

profit, and some firms will enter the industry, causing the industry supply to increase.

loss, and some firms will enter the industry, causing the industry supply curve to increase.

loss, but since they are covering average variable cost, no one will exit the industry in the long run.

loss, and some firms will leave the industry, causing the industry supply curve to decrease.

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Use the figure below to answer the following questions.

Figure 11.4.2

Refer to Figure 11.4.2, which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive market. In the long run,

firms that remain in the market will decrease production.

market supply will decrease.

firms will exit the market.

market demand will increase.

firms that remain in the market will expand production.

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A firm in a perfectly competitive industry

will not produce at all if P < the minimum of AVC.

✅

will maximize its profit by producing where P = AVC.

❌

can improve its competitive position and sell more output by advertising its product.

❌

will not produce at all if P < ATC.

❌

will maximize its profit by producing where P = ATC.

❌

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Use the table below to answer the following questions.

Table 11.2.5

Quantity (tattoos per hour)	Total cost (dollars per hour)
0	10
1	25
2	35
3	50
4	70
5	95
6	125

Refer to Table 11.2.5. Archibald's Tattoos is a perfectly competitive firm. The firm's total costs are shown in the table. If the price of a tattoo is $12.50, Archibald's economic profit is

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Use the table below to answer the following questions.

Table 11.2.1

Refer to Table 11.2.1, which gives the total revenue schedule and total cost schedule of a perfectly competitive firm. The short-run equilibrium price of one unit of the good is

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Suppose that the market in which bakeries compete is a perfectly competitive market. Which one of the following reasons does not explain why it is difficult for a bakery to make an economic profit in the long run?

All bakeries are price takers.

All bakeries produce identical goods.

All bakeries are able to set the market price.

The threat of entry by potential bakeries.

The demand facing each bakery is perfectly elastic.

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