1 answer

Please answer all 16. To say that a firm is a price taker means that: a....

Question:

please answer all
16. To say that a firm is a price taker means that: a. the firms demand curve is perfectly inelastic b. the firms marginal
e. perfectly inelastic even though the market demand curve is horizontal 18. A perfectly competitive firms short-run supply
16. To say that a firm is a price taker means that: a. the firm's demand curve is perfectly inelastic b. the firm's marginal revenue curve is downward sloping c. the firm's average total cost curve is horizontal d. the firm can alter its output without influencing price e. all of the above 17. In a perfectly competitive market, the demand curve facing the firm is: a. identical to the market demand curve b. perfectly clastic even though the market demand curve slopes downward c. unitary elastic even though the market demand curve is inelastic d. downward sloping regardless of the characteristics of the market demand curve
e. perfectly inelastic even though the market demand curve is horizontal 18. A perfectly competitive firm's short-run supply curve is: a. its AVC curve above the ATC curve b. its AVC curve above the MC curve c. its MC curve above the ATC curve d. its MC curve above the AVC curve e. its AFC curve above the MC curve 19. Assume that marginal revenue equals rising marginal cost at 100 units of output. At this output level, the firm's average fixed cost is $6 and its average total cost is $10. The price of the product is $8. In order to maximize profit, the competitive firm should: a. shut down b. produce 100 units c. produce more than 100 units d. produce less than 100 units e. indeteminate 20. If the entry of new firms into a perfectly competitive industry causes each firm's long-run average cost curve to shift upward, then a. this is a constant-cost industry and the long-run market supply curve will slope upward b. this is an increasing-cost industry and the long-run market supply curve will slope upward c. this is a decreasing-cost industry and the long-run market supply curve will slope downward d. this is a decreasing-cost industry and the long-run market supply curve will be horizontal e. none of the above

Answers

a) "D"

A firm is a price taker mean a firm can alter the output in the market without affecting the price.

b) "B"

It is perfectly elastic even though the market demand curve is downward sloping.

c) "C"

it is the MC curve that lies above the Average variable cost curve.

d) "B"

The firm will be producing at the point were the MR=MC and they will be maximising the profit

e) "B"

This is an increasing cost industry and the supply curve in the market will be sloping upward.

.

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