Lesson 8,9 Web Quiz.docx

Lesson 8,9 Web Quiz.docx - (Lesson 8/9 A Web Quiz 1...

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( Lesson 8/9 A Web Quiz): 1) Describe the shape of the demand curve facing an individual purely competitive firm. Ans: it is horizontal (Perfectly Elastic) 2) Assume a purely competitive market and the price is $35. What is the Marginal Revenue (MR) of the second unit? Ans: $35 3) Assume a purely competitive market and the price is $35. What quantity would be produced? (What is the profit maximizing quantity?) Ans: 4 4) Assume a purely competitive market and the price is $35.
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Ans: $40 5) Assume a purely competitive market and the price is $20. What quantity would be produced? (What is the profit maximizing quantity) Ans: 3 6) Assume a purely competitive market and the price is $20. What are the maximum profits possible? Ans: $-10 (a $10 loss) 7) Assume a purely competitive market and the price is $20.
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