Sec 14.2 MC Profit Maximization and the Competitive Firm

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1、1. Ifacompetitivefirmiscurrentlyproducingalevelofoutputatwhichmarginalrevenueexceedsmarginalcost,then a. aone-unitincreaseinoutputwillincreasethefirm'sprofit. b. aone-unitdecreaseinoutputwillincreasethefirm'sprofit. c. totalrevenueexceedstotalcost. d. totalcostexceedstotalrevenue.ANSWER: 

2、 aDIFFICULTY:  ModerateLEARNING OBJECTIVES:  ECON.MANK.284-Giventhemarketpriceandthefirm’sproductioncosts,determinetheprofit-maximizingoutcomeofaperfectlycompetitivefirm.TOPICS:  PerfectcompetitionKEYWORDS:  BLOOM'S:AnalysisCUSTOM ID:  001.14.2-MC-MANK082. Ifacompetitivefirmiscurrentlypro

3、ducingalevelofoutputatwhichmarginalcostexceedsmarginalrevenue,then a. aone-unitincreaseinoutputwillincreasethefirm'sprofit. b. aone-unitdecreaseinoutputwillincreasethefirm'sprofit. c. totalrevenueexceedstotalcost. d. totalcostexceedstotalrevenue.ANSWER:  bDIFFICULTY:  ModerateLEARNING OBJ

4、ECTIVES:  ECON.MANK.284-Giventhemarketpriceandthefirm’sproductioncosts,determinetheprofit-maximizingoutcomeofaperfectlycompetitivefirm.TOPICS:  PerfectcompetitionKEYWORDS:  BLOOM'S:AnalysisCUSTOM ID:  002.14.2-MC-MANK083. Ifacompetitivefirmiscurrentlyproducingalevelofoutputatwhichmarginal

5、costexceedsmarginalrevenue,then a. averagerevenueexceedsmarginalcost. b. thefirmisearningapositiveprofit. c. decreasingoutputwouldincreasethefirm'sprofit. d. Alloftheabovearecorrect.ANSWER:  cDIFFICULTY:  ModerateLEARNING OBJECTIVES:  ECON.MANK.284-Giventhemarketpriceandthefirm’sproductio

6、ncosts,determinetheprofit-maximizingoutcomeofaperfectlycompetitivefirm.TOPICS:  PerfectcompetitionKEYWORDS:  BLOOM'S:AnalysisCUSTOM ID:  003.14.2-MC-MANK084. Comparingmarginalrevenuetomarginalcost(i)revealsthecontributionofthelastunitofproductiontototalprofit.(ii)ishelpfulinmakingprofit-m

7、aximizingproductiondecisions.(iii)tellsafirmwhetheritsfixedcostsaretoohigh. a. (i)only b. (i)and(ii)only c. (ii)and(iii)only d. (i)and(iii)onlyCopyrightCengageLearning.PoweredbyCognero.Page 84ANSWER:  bDIFFICULTY:  ModerateLEARNING OBJECTIVES:  ECON.MANK.284-Giventh