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ECON-1010-A-Introduction to Microeconomics

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Which of the following outcomes arise when a firm in monopolistic competition advertises its product?
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Is resource use efficient in monopolistic competition?

Resource use might be efficient if
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Which of the following events occur in perfect competition, monopolistic competition, and single-price monopoly?
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A firm in monopolistic competition maximizes profit in the long run by selling 100 units a day at $20 a unit. Marginal revenue at the profit-maximizing quantity is $15. What is the firm's minimum average total cost of production?
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The horizontal axis represents quantity in units per day and ranges from 0 to 45 with interval 5. The vertical axis represents price and cost in dollars per unit and ranges from 0 to 20 with interval 4.An upward-sloping curve that becomes steeper is labeled MC. The curve has points at (5, 4), (20, 8), (30, 12), and (35,16). Dotted lines are drawn from the points perpendicular to both axes.A u-shaped curve with its minimum at (30, 12) is labeled ATC.A u-shaped curve that lies below curve ATC and has a minimum at (20, 8) is labeled AVC.The MC curve intersects the ATC curve at (30, 12) and intersects the AVC curve at (20, 8).

Figure 11.4.2

Refer to Figure 11.4.2, which shows the cost curves for a perfectly competitive firm. If the market price is $16 per unit, which of the following statements is correct?
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Table 11.2.2

The two columns of the table are titled Output in pizzas per hour and Total cost in dollars per hour.The rows display the data as follows:0; 101; 122; 163; 224; 305; 406; 55

Refer to Table 11.2.2, which gives the total cost schedule for Chip's Pizza Palace, a perfectly competitive firm. If the price of a pizza is $7, what is Chip's profit-maximizing output per hour?
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A graph total revenue (dollars per day) versus quantity. The graph plots rising slope from bottom left to top right is labeled T R.

Figure 11.1.1

Refer to Figure 11.1.1, which shows a perfectly competitive firm's total revenue curve. Why is the firm's total revenue curve a straight line?
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Table 11.2.4

The four columns of the table are titled Quantity in boxes per week, Marginal cost in dollars per additional box, Average variable cost in dollars per box and Average total cost in dollars per box.The rows display the data as follows:200; 6.40; 7.80; 12.80250; 7.00; 7.00' 11.00300; 7.65; 7.10; 10.43350; 8.40; 7.20; 10.06400; 10.00; 7.50; 10.00450; 12.40; 8.00; 10.22500; 20.70; 9.00; 11.00

Refer to Table 11.2.4, in which 1,000 firms produce paper in a market that is perfectly competitive. If the market price is $7.00 a box, how much paper does a firm produce and what is its economic profit?

Each firm produces ________ boxes a week and ________.
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Table 11.2.1

The three columns of the table are titled Output in units per day, Total revenue in dollars, and Total colst in dollars.The rows display the data as follows:0; 0; 141; 30; 402; 60; 603; 90; 734; 120; 965; 150; 1336; 180; 1807; 210; 230

Refer to Table 11.2.1, which gives the total revenue and total cost schedules of a perfectly competitive firm. Which of the following statements is correct?
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Table 11.2.5

The two columns of the table are titled Quantity in tatoos per hour and Total cost in dollars per hour.The rows display the data as follows:0; 101; 252; 353; 504; 705; 956; 125

Refer to Table 11.2.5, which shows the total cost schedule of a perfectly competitive firm called Archibald's Tattoos. What is the market price at Archibald's shutdown point?
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