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Unformatted text preview: 2, In a perfectly competitive industry, the price elasticity of demand for the market demand is ________ and the price elasticity of demand for an individual firm's demand is ________. A), infinite; infinite B), less than infinite; infinite C), infinite; less than infinite D), less than infinite; less than infinite 3, In the figure below, the firm's total economic profit is equal to A), $60. B), $200. C), $150. D), MR - MC. 4, In perfect competition, the marginal revenue of an individual firm A), is zero. B), is positive but less than the price of the product. C), equals the price of the product. D), exceeds the price of the product. THE END 2...
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This test prep was uploaded on 04/19/2008 for the course ECON 200 taught by Professor Newton during the Spring '08 term at Ohio State.
- Spring '08