assessment id 1084282 18ccourse id- 1405086 18 content id 33209391 1Beste m | v

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assessment id 1084282 18ccourse id- 1405086 18 content id 33209391 1Beste m | v Question Completion Status QUESTION 21 4 points A restaurant, which operates in a perfectly competitive market, is evaluating whether it should serve breakfast on a daily basis. It would choose to do this when its revenues cover its variable costs. 8) True O False QUESTION 22 4 points Save Answer In the short run for a particular market, there are 300 firms. Each firm has a marginal cost of $30 when it produces 200 units of output $30 is above every firm's average variable cost. One point on the market supply curve is a. quantity = 100,000, price-S50. O b. quantity-600,000, pnce-$90,000. c. quantity: 60,000; pnce-S30 o d quantity300, price - $30 QUESTION 23 4 points Exiting decisions are long-run decisions e True O False QUESTION 24 4 points 551 AM COMPUTER HELP 1-844-347-512/32

Explanation / Answer

21. False.

Explanation: If the revenue covers only the total variable cost, the firm will suffer a loss. In perfect competition, a firm earns positive economic profit only when its revenue is higher than total cost i.e. fixed cost and total variable cost.

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