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1030PS8Key - University of Denver ECON1030 Spring 2011...

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University of Denver ECON1030 Spring 2011 Problem Set 8: Multiple Choice Chapter 7-The Competitive Firm Print Name__________________ SEC________ 1. A firm’s profit and loss statement provides a a. complete measure of the firm’s indebtedness. b. snapshot of the firm’s financial health. c. comparison of the source and uses of funds. d. complete measure of the firm’s financial health. e. complete measure of the firm’s financial stability. ANS: B PTS: 1 DIF: 2 TOP: Revenue 2. A snapshot of the firm’s financial health is provided by the 3. For a firm to earn a profit, its 4. A firm incurs a loss if its
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5. The revenue curve plots the relationship between a. revenue and output. b. total and marginal revenue. c. marginal revenue and output. d. revenue and costs. e. marginal revenue and marginal costs. ANS: A PTS: 1 DIF: 1 TOP: Revenue 6. The curve that plots the relationship between revenue and output is called the 7. The extra revenue that a firm receives from selling an additional unit of output is its 8. Marginal revenue is 9. For a firm in a competitive market, the total revenue curve is a. upward sloping with a constant slope. b. vertical. c. downward sloping with a constant slope. d. horizontal. e. upward sloping with a downward slope. ANS: A PTS: 1 DIF: 2 TOP: Revenue
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