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Introduction to Microeconomics

Introduction to Microeconomics

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Refer to Scenario 4. Six months after the health report was published, more and more sushi restaurants opened near the first sushi restaurant and offered the same menu and customer service. The profit of the first restaurant

will be positive in the long run.

will be negative in the long run.

will be zero in the long run.

None of the above

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Refer to Scenario 4. What will happen to the profit of this sushi restaurant due to this health report?

None of the above

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Suppose that for each firm in the competitive market for potatoes, the long-run average cost is minimized at $0.20 per pound when 500 pounds are grown. Which of the following statement is correct?

Each consumer will purchase $100 worth of potatoes.

Some firms will enjoy long-run profits because they operate at minimum average cost.

The long-run price will be set above $0.20 per pound.

The long-run price will be $0.20 per pound.

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Refer to Table 3. Suppose that both firms are currently producing 100 units of output. If the firms want to increase profit, firm A should produce _______ and firm B should produce _______.

less output; less output

more output; less output

less output; more output

more output; more output

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Refer to Figure 1. The profit is

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Refer to Figure 1. The profit-maximizing quantity is

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Comparison of marginal revenue to marginal cost

(i) and (ii) only

(ii) and (iii) only

(i), (ii), and (iii)

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A firm's operating profit is equal to $100. Its variable cost is $40 and its fixed cost is $40. Its profit is equal to

Cannot be determined.

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A profit-maximizing firm in a competitive market produces small rubber balls. When the market price for small rubber balls falls below the minimum of its average total cost, the firm

will experience losses but it will continue to produce rubber balls.

will shut down.

will be earning both economic and accounting profits.

None of the above

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Refer to Scenario 3. To maximize its profit in the SR, the firm should

continue to produce 1,000 units.

increase its output quantity.

decrease its output quantity.

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