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Questions Bank (1485008 total)
When price is below average variable cost, what will a firm in a competitive market do?
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When a firm is referred to as a "price taker",
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A certain competitive firm sells its output for $20 per unit. The 50th unit of output that the firm produces has a marginal cost of $22. What does the production of the 50th unit of output do?
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In a perfectly competitive market, the market demand curve is illustrated by
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A perfectly competitive market is in short-run equilibrium with price below average total cost. Which one of the following is not a prediction of the long-run consequences of such a situation?
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When firms have an incentive to exit a competitive market, which of the following effects will their exit have?
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The maximum loss for a firm in long-run equilibrium is
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Suppose that a perfectly competitive industry is in long-run equilibrium. Then the price of a complement good decreases. What will happen?
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In which one of the following situations will a perfectly competitive firm earn positive economic profit?
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Consider the hardest configurations of the 2x2x2 Rubik's cube. There are 276 configurations that requires 14 quarter turns to be solved optimaly. How many of those have the front face entirely white?
(You should assume the white square with the Rubik's cube logo is always on the front face, as we did in the video.)
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