Graph 1 depicts the cost structure of a perfectly competitive firm. If this firm

Question

Graph 1 depicts the cost structure of a perfectly competitive firm. If this firm is faced with a market price of $8, it would prefer to produce _____.

46 units

24 units of output

18 units of output

34 units of output

e. 30 units of output

Graph 1:

Graph 1 depicts the cost structure of a perfectly competitive firm. The short-run supply curve for the firm is this marginal cost curve beyond an output level of _____.

30 units

24 units

18 units

34 units

Graph 1:

Graph 1 depicts the cost structure of a perfectly competitive firm. This firm's profit at a market price of $8 is _____.

$272

$136

$192

$68

$144

Graph 1:

Graph 1 depicts the cost structure of a perfectly competitive firm. This firm should shut down at any price below _____.

$4

$2

$8

d.$6

Graph 2:

Graph 2 denotes the cost structure of a perfectly competitive firm. When the market price is $100, the firm’s maximum profit is _____.

$0

$16,500

$90,125

$6,440

a.

46 units

b.

24 units of output

c.

18 units of output

d.

34 units of output

e.

e. 30 units of output

Graph 1:

Graph 1 depicts the cost structure of a perfectly competitive firm. The short-run supply curve for the firm is this marginal cost curve beyond an output level of _____.

a.

30 units

b.

24 units

c.

18 units

d.

34 units

Graph 1:

Graph 1 depicts the cost structure of a perfectly competitive firm. This firm's profit at a market price of $8 is _____.

a.

$272

b.

$136

c.

$192

d.

$68

e.

$144

Graph 1:

Graph 1 depicts the cost structure of a perfectly competitive firm. This firm should shut down at any price below _____.

a.

$4

b.

$2

c.

$8

d.$6

Graph 2:

Graph 2 denotes the cost structure of a perfectly competitive firm. When the market price is $100, the firm’s maximum profit is _____.

a.

$0

b.

$16,500

c.

$90,125

d.

$6,440

E Final Exam Review. x D Full page photo ×Y D finaLstudyguide.pdf × M Foundations of Eco x M Your question was a x eChegg Study Guide X Take Test Chapter 1 Question Completion Status QUESTION 4 1 points Graph 1: MC ATC AVC $10 $8 $6 $2 S 12 18 2430 32 34 46 52 Graph 1 depicts the cost structure of a perfectly competitive firm. If this firm is faced with a market price of $8, it would prefer to produce a, 46 units b. 24 units of output C. 18 units of output d. 34 units of output e, 30 units of output QUESTION 5 1 points Save Answer 9:48

Explanation / Answer

Question 4

A perfectly competitive firm in order to maximize profit produce that level of output corresponding to which price equals marginal cost.

The market price is $8 per unit.

The given figure shows that, with market price being $8 per unit, the price line is intersecting marginal cost curve corresponding to the production of 34 units of output.

So, if this firm is faced with a market price of $8, it would prefer to produce 34 units of output.

The correct answer is the option (d).

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