Reading Guide: Section 11 Module 59
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1. Ever wonder WHY you did NOT earn a "5/5" on a reading Guide? Quality is the problem. Read to UNDERSTAND and type a clear and complete answer. *
1 point
2. What is the market PRICE equal to in perfect competition. Check all that apply *
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3. Refer to the graph above. When the price decreased from $18 to $10 what happened to output and profits? *
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4. Describe how market price and average total cost show profitability or losses? *
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5. Explain how fixed cost is irrelevant to a firm's decision to produce or shut down in the short run. *
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6. Why would a firm pay its fixed cost in the short run and shut down to not pay variable costs? IMPORTANT *
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7. Why is the yellow part of the marginal cost curve irrelevant to output decisions? *
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8. At a price BELOW $10 what will this firm do? *
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9. At a price of $12 how much output will this firm produce and will they be profitable? *
1 point
10. At a price of $14 how much output will this firm produce and will they be profitable? *
1 point
11. At a price of $18 how much output will this firm produce and will they be profitable? *
1 point
12. Why will a firm shut down in the short run when the price is below the AVC? *
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13. What is the price range for Jennifer and Jason's supply curve? *
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14. What will firms do in the long run if the price from the market is consistently less than the break-even price? *
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15. If the price is greater than the minimum ATC what will be the result? *
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16. If the price is greater than minimum AVC and less than ATC what will be the result? *
1 point
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Practice Questions
17. Is the firm above producing at a loss or profit? *
0 points
17.b. Explain your previous answer. *
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18. Is the firm above producing at a loss or profit? *
18.b. Explain your previous answer? *
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