201-tutorial-9

201-tutorial-9 - Econ 201 Tutorial #9 Date: Week of Nov....

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Econ 201 Tutorial #9 Date: Week of Nov. 15-21, 2010 Coverage: Chapter 9 Perfect Competition I. Multiple Choice Questions: 1. The perfectly competitive firm’s short run supply curve is the upward-sloping part of its a. Average variable cost curve, at all points above the point of AVCmin. b. Marginal cost curve, at all points above the point of AFCmin. c. Marginal revenue curve, at all points above the point of minimum average revenue. d. Marginal revenue curve, at all points above the point of minimum average total cost. e. Marginal cost curve, at all point above the point of AVCmin. 2. A perfectly competitive firm will produce output in the short run even if P<ATC because a. As long as P MC, it can minimize it losses. b. As long as P AVCmin, it can minimize it losses. c. Profits are positive. d. Fixed costs are avoidable in the short run. e. None of the above. 3. The supply curve for an individual firm in a perfectly competitive industry is P=1+2Qs. If the industry consists of 100 identical firms, what is the industry supply when P=$7? a. 300 units. b. 400 units. c. 600 units. d. 800 units.
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This note was uploaded on 03/19/2012 for the course ECON 201 taught by Professor Ianirvine during the Fall '10 term at Concordia CA.

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201-tutorial-9 - Econ 201 Tutorial #9 Date: Week of Nov....

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