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Period
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Period 1
Period 2
Period 3
Period 4
Period 5
If a perfectly competitive firm sells 30 units of output at a price of $10 per unit, its marginal revenue is:
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1 point
$10.
more than $10.
less than $10.
$300.
Many furniture stores run “Going out of Business” sales but never go out of business. In order for the shut-down decision to be the appropriate one, the price of furniture must be ________ than the ________ of the average variable cost.
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higher; maximum
lower; minimum
higher; minimum
lower; maximum
Suppose Sarah's pottery studio is currently charging the market price that is just higher than her minimum average total cost. This means that Sarah:
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1 point
is breaking even.
should shut down immediately.
is earning a small economic profit.
is incurring a small economic loss.
(Figure: Revenues, Costs, and Profits) In the figure below, if market price is $14, the profit-maximizing quantity of output is:
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1 point
2.
3.
4.
5.
Figure: Revenues, Costs, and Profits) In the figure above, if the market price is $8, the profit-maximizing quantity of output is:
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Hint: price is below the AVC
1 point
0.
1.
2.
3.
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