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In calculating accounting profit, what do accountants typically exclude?

opportunity costs that do not involve an outflow of money

explicit costs of production

none of the above

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When new firms enter a perfectly competitive market, what will be the result?

Profits of existing firms will fall.

Entering firms will earn zero profit as soon as they enter.

Consumers will likely observe increasing prices.

none of the above

Existing firms will see their costs rise.

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An efficient allocation is achieved when

the sum of consumer surplus and producer surplus is maximized.

none of the above

all of the above

producers are selecting points on their supply curves.

consumers are selecting points on their demand curves.

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A firm will shut down temporarily when the price is so low that total revenue is insufficient to cover the

total fixed cost of production.

total cost of production.

average variable cost of production.

total variable cost of production.

marginal cost of production.

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Where is the competitive firm’s short-run supply curve located?

none of the above

the part of the average-total-cost curve that lies above marginal cost

the part of the marginal-cost curve that lies above average variable cost

the part of the average-variable-cost curve that lies above marginal cost

the part of the marginal-cost curve that lies above average total cost

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A technological advance occurs in a perfectly competitive market. Which of the following statements is incorrect?

In the long run, all firms make zero economic profit.

As more firms begin to use the new technology, market supply increases.

The technological advance brings permanent gains to producers and temporary gains to consumers.

All old-technology firms exit in the long run.

As more firms begin to use the new technology, the market price falls.

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An industry will NOT be in long-run competitive equilibrium if

there are external economies or diseconomies.

economic profit is zero, so there is no entry or exit.

each firm produces at the point of minimum long-run average cost, and has no incentive to change its plant size.

each firm maximizes its short-run profit.

positive economic profits exist.

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If average product is increasing, then marginal product

cannot be decreasing.

must be greater than average product.

must be less than average product.

must be increasing.

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Suppose the marginal product of energy equals the average product of energy. This implies that

the marginal product curve is upward sloping.

average product is at its minimum value.

marginal product is negative.

average product is at its maximum value.

marginal product is at its maximum value.

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Which of the following are correct? According to the law of diminishing returns,

(1) marginal product eventually rises.

(2) marginal product eventually falls.

(3) marginal cost eventually rises.

(4) marginal cost eventually falls.

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