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Econ_ch11 - homework6-ch11 1 Refer to the graph above Other...

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Page 1 homework6-ch11 1. Refer to the graph above. Other things equal, an increase in the market price of this product will cause: A. an increase in total revenue and a decrease in the firm's profit-maximizing level of output. B. an increase in total revenue and an increase in the firm's profit-maximizing level of output. C. a decrease in total revenue and a decrease in the firm's profit-maximizing level of output. D. a decrease in total revenue and an increase in the firm's profit-maximizing level of output. 2. In a perfectly competitive constant-cost industry: 3. Spam (junk e-mail) is a major annoyance for many people who use the internet. However, spammers sometimes have to send thousands of messages to get even one response that pays money. Given this information:
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Page 2 4. In a perfectly competitive market, a decrease in market demand in a long-run constant-cost industry causes: 5. The existence of economic losses induces firms to: A. exit an industry, which shifts the market supply curve to the left and increases market price. B. enter an industry, which shifts the market supply curve to the right and decreases market price. C. enter an industry, which shifts the market supply curve to the left and decreases market price. D. exit an industry, which shifts the market supply curve to the right and decreases market price.
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