Refer to the graph above representing the purely competitive market for a

Refer to the graph above representing the purely

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  • BUSINESS 221
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70. Refer to the graph above representing the purely competitive market for a product. When the market is at equilibrium, the total opportunity cost of producing the equilibrium output level would be represented by the area: A. b + cB. bC. cD. a + b + c71. Refer to the graph above representing the purely competitive market for a product. When the market is at equilibrium, the total revenues from selling the equilibrium output level would be represented by the area: 9-19
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Chapter 09 - Pure Competition in the Long Run72. Refer to the graph above representing the purely competitive market for a product. When the market is at equilibrium, the deadweight loss would be: 73. Refer to the graph above representing the purely competitive market for a product. When allocative efficiency is attained in this market, the sum of the consumer and producer surplus will be areas: 74. If there is allocative efficiency in a purely competitive market for a product, the maximumprice consumers are willing to pay is: A. Less than marginal benefitB. Greater than marginal costC. Equal to the amount of efficiency or deadweight lossesD. Equal to the minimum price producers are willing to accept75. When there is allocative efficiency in a purely competitive market for a product, the minimum price producers are willing to accept is: 76. A patent gives a firm the power to charge a price that:
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Chapter 09 - Pure Competition in the Long Run77. If the maker of a patented drug sells the drug at a price above the equilibrium price, then there: 78. If the patent on a drug expires and the average price of the drug falls to a lower equilibrium price, there will be: A. A loss in efficiencyB. A gain in economic profitC. An increase in consumer surplusD. An increase in the producer surplus
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