01IMOZpnMVkF6problemsetch13

01IMOZpnMVkF6problemsetch13 - Econ 231 - Problems on...

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Econ 231 --- Problems on Chapter 13 Profits in Competitive Markets 1.In a competitive market, the actions of any single buyer or seller will a. have a negligible impact on the market price. b.have little effect on overall production but will ultimately change final product price. c. cause a noticeable change in overall production and a change in final product price. d.adversely affect the profitability of more than one firm in the market. ANS: A 2. Which of the following is NOT a characteristic of a perfectly competitive market? a. Firms are price takers. b.Firms have difficulty entering the market. c. There are many sellers in the market. d.Goods offered for sale are largely the same. ANS: B 3. Suppose a firm in a competitive market produces and sells 8 units of output and has a marginal revenue of $8.00. What would be the firm's total revenue if it instead produced and sold 4 units of output? a. $4.00
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This note was uploaded on 12/31/2009 for the course FSD FSD taught by Professor Vinh during the Spring '09 term at ITT Tech Flint.

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01IMOZpnMVkF6problemsetch13 - Econ 231 - Problems on...

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