If a firm is a price taker then the demand curve for

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28. If a firm is a price taker, then the demand curve for the firm's product is: A. Equal to the total revenue curve B. Perfectly inelastic C. Perfectly elastic D. Unit elastic 29. In the short run, a purely competitive firm that seeks to maximize profit will produce: 30. Assume the price of a product sold by a purely competitive firm is \$5. Given the data in the accompanying table, at what output level is total profit highest in the short run? 31. Which is necessarily true for a purely competitive firm in short-run equilibrium?

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32. A purely competitive firm will be willing to produce even at a loss in the short run, as long as: A. The loss is smaller than its total variable costs B. The loss is smaller than its marginal costs C. The loss is smaller than its total fixed costs D. Price exceeds marginal costs 33. Refer to the diagram. At the profit-maximizing output, the firm will realize: 34. Answer the question on the basis of the following cost data for a firm that is selling in a purely competitive market: Refer to the data. If the market price for the firm's product is \$28, the competitive firm will:
35. Refer to the cost table above. If price of the product were \$30 per unit, the firm would: 36. Refer to the above graph. It shows short-run cost curves for a competitive firm. At what price would the firm break even? A. P1 B. P2 C. P3 37. The short-run supply curve for a competitive firm is the:

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38. The wage rate increases in a purely competitive industry. This change will result in a(n): 39. The following table applies to a purely competitive industry composed of 100 identical firms. Refer to the table. At the equilibrium price, each of the 100 firms in this industry will produce: 40. The short-run supply curve for a purely competitive industry can be found by: A. multiplying the AVC curve of the representative firm by the number of firms in the industry. B. adding horizontally the AVC curves of all firms. C. summing horizontally the segments of the MC curves lying above the AVC curve for all firms. D. adding horizontally the immediate market period supply curves of each firm.
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