EC2106F08PS14 - Name Class Date ID A Practice Problems for...

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Name: ________________________ Class: ___________________ Date: __________ ID: A 1 Practice Problems for Ch14 Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 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 market equilibrium quantity but will affect market equilibrium price. c. affect marginal revenue and average revenue but not price. d. adversely affect the profitability of more than one firm in the market. ____ 2. The Wheeler Wheat Farm sells wheat to a grain broker in Seattle, Washington. Since the market for wheat is generally considered to be competitive, the Wheeler Wheat Farm maximizes its profit by choosing a. to produce the quantity at which average variable cost is minimized. b. to produce the quantity at which average fixed cost is minimized. c. to sell its wheat at a price where marginal cost is equal to average total cost. d. the quantity at which market price is equal to the farm's marginal cost of production. Scenario 14-2
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EC2106F08PS14 - Name Class Date ID A Practice Problems for...

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