1-For a firm in a perfectly competitive market: a-marginal revenue equals total

Question

1-For a firm in a perfectly competitive market:

a-marginal revenue equals total revenue.

b-marginal revenue equals price and average revenue.

c-net revenue equals price.

d-net revenue equals marginal revenue.


2-A reduction in variable production costs shifts the firm's _______ and _______ curves _______ in the short run.

a-ATC; MC; upward

b- TC; MC; downward

c-MR; AR; upward

d-total cost curve; total revenue; upward


3-If a perfectly competitive industry is characterized by constant costs in the long run, its long-run:

a-marginal revenue curve is vertical.

b-marginal cost curve is vertical.

c-industry supply curve is horizontal.

d-average fixed cost curve is horizontal.


4-A firm's total output times the price at which it sells that output is:

a-net revenue.

b-total revenue.

c-average revenue.

d-marginal revenue.

Explanation / Answer

1. B 2.A 3. b 4.C

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