1. The firm\'s break-even point occurs at an output of A. 30 B. 40 C. 55 D. 70 2

Question

1. The firm's break-even point occurs at an output of

A. 30

B. 40

C. 55

D. 70

2. The firm's shutdown point occurs at an output of

A. 30

B. 45

C. 60

D. 65

3. The firm's most profitable output is at

A. 40

B. 50

C. 60

D. 70

4. The firm's short-run supply curve begins at an output of

A. 30

B. 45

C. 60

D. 65

A. OF; ON

B. OF; OL

C. OG; ON

D. OG; OM

E. OG; OL

2. The profit- maximizing firm will be earning total revenue of

A. OFIN

B. OFJM

C. OFKL

D. OGHM

E. NIKL

3. If the firm is maximizing profits, total profit will be

A. LKJM

B. NIKL

C.MJKL

D. OFKL

E. OFJM

Explanation / Answer

1. D. 70
2. B. 45
3. C. 60
4. B. 45

1. B. OF; OL
2. C. OFKL
3. C.MJKL

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