HW7_due1201 - Due date for HW7 is at the beginning of the...

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Due date for HW7 is at the beginning of the class on Wednesday, December 1 st . Please use word processor for the short answer questions in Part II to type out your answers. You can draw the graphs by hand . Please staple your work. You can work in groups and you are encouraged to do so. However, you need to hand in your own work for credits. Please write down the names of your group members. Not following the rules will result in point deduction as a penalty. HW7 (Chapter 12) Part I. Multiple Choice Questions – Choose the best answer. (40%) 1. A perfectly competitive firm is producing at the point where its marginal cost equals its marginal revenue. If the firm boosts its output, its total revenue will ____ and its profit will ____ A. rise; rise B. rise; fall C. fall; rise D. fall; fall 2. In the above figure, the firm’s total economic profit is equal to A. $20. B. $60. C. $90. D. $200. 3. It definitely pays a firm to shut down if the price of its product is
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HW7_due1201 - Due date for HW7 is at the beginning of the...

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