Homework Answers
Answer: All of these are true
Explanation: The firms earn the profit when the average revenue is above the total cost. This shows that the total revenue will be greater than the total cost. The price of the product will be higher than the average total cost.
for example. 10 units are produced with a total cost of $100 and selling price is 12 for each unit. So, the average total cost is 10 and average revenue is $120 which provides the profit of $10. The total revenue is $120 and total cost is $100. So, the total revenue is higher than the total cost.
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Question 46 (1 point) As long as average revenue is above average total cost: the firm...
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Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from selling an additional unit of output the revenue in excess of what can be earned in the next-best alternative the last dollar needed to make zero economic profit the extra revenue generated by a $1 change in price the last dollar needed to make maximum profit Question 7 (1 point) In which of the following situations should a profit-maximizing...
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Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from selling an additional unit of output the revenue in excess of what can be earned in the next-best alternative the last dollar needed to make zero economic profit the extra revenue generated by a $1 change in price the last dollar needed to make maximum profit Question 7 (1 point) In which of the following situations should a profit-maximizing...
Question 21 4 pts In the short run, a firm will stay in business as long as: o marginal revenue is greater than or equal to marginal cost O price equals average revenue Oprice exceeds average variable cost. O price is less than average variable cost Question 22 4 pts The point of maximum profit for a business firm is where: PEATC OTRETC TR=MR OMR = MC
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of $200,000 per year when producing 1,000 units of output per year. In this case its average revenue is $200 and its marginal revenue is __ zero. also $200 less than $200. O greater than $200 Question 32 2.5 pts 32. In a perfectly competitive industry, the market price of the product is $12.Firm A is producing the output at which average total cost equals...
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