For a firm in a perfectly competitive market price is A equal to both average

For a firm in a perfectly competitive market price is

• ECON 1B
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6) For a firm in a perfectly competitive market, price is A) equal to both average revenue and marginal revenue. B) equal to average revenue but greater than marginal revenue. C) greater than marginal revenue but less than average revenue. D) less than both average revenue and marginal revenue. 7) If the market price is \$40 in a perfectly competitive market, the marginal revenue from selling the fifth unit is 8) Mark Frost grows apples in a perfectly competitive market. If we drew a line in a graph that illustrates Mark's total revenue from selling apples, it would be 9) To maximize profit, a perfectly competitive firm Table 11-1Apples (pounds)Market Price per PoundTotal Revenue (TR) Average Revenue (AR)Marginal Revenue (MR) 0 \$3 \$0 ----- ----- 100
150 200 250 300 350 400 10) Refer to Table 11-1.Table 11-1 lists the various pounds (lbs.) of apples that Margie Stattler can sell. Assume that Margie operates in a perfectly competitive market. Use Table 11-1 to answer the following question. What is Margie's total revenue if she sells 250 pounds of apples? A) \$250 B) \$500 C) \$750 D) There is not enough information in the table to determine Margie's total revenue. 11) Refer to Table 11-1. Table 11-1 lists the various pounds (lbs.) of apples that Margie Stattler can sell. Assume that Margie operates in a perfectly competitive market. Use Table 11-1 to answer the following question. How many pounds of apples should Margie sell to maximize her profit?

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