Economics 12E - Arnold - TB_191

Economics 12E - Arnold - TB_191 - a economic profit is zero...

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a. economic profit is zero. b. cost is minimized. c. cost is maximized. d. quantity is minimized. e. profit is maximized. ANSWER: a POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Perfect competition KEYWORDS: Bloom's: Comprehension 90. Marginal revenue is defined as a. the difference between costs and revenues. b. the change in total revenue caused by selling one additional unit of output. c. price times quantity. d. total revenue divided by the level of output. e. total revenue minus the level of output. ANSWER: b POINTS: 1 DIFFICULTY: Easy NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Perfect competition KEYWORDS: Bloom's: Comprehension 91. In the long run, a firm earns zero economic profit, given the condition that POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Perfect competition KEYWORDS: Bloom's: Comprehension
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92. In the theory of perfect competition, the assumptions of many buyers and sellers, the production of a homogeneous product, and the possession of all relevant information by buyers and sellers imply that the perfectly competitive firm POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS:
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