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ECON-1010-A-Introduction to Microeconomics

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Table 11.1.1

The two columns of the table are titled Quantity in units per week and Price in dollars per unit. The rows display the data as follows:5; 156; 157; 15

Refer to Table 11.1.1 which gives the demand schedule for a perfectly competitive firm. If the firm sells 6 units per week, what is the firm's marginal revenue?
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The horizontal axis represents Quantity in units. The vertical axis represents Price and cost in dollars per unit. A horizontal line at y equals P1 is labeled MR. An upward-sloping curved line that becomes steeper is labeled MC.A u-shaped curve is labeled ATC.The MC curve intersects the ATC curve at the ATC curve's minimum. The two curves intersect above the MR line.The MC curve intersects the MR curve to the left of the intersection of the MC and ATC curves.​
Figure 11.3.3

Refer to Figure 11.3.3, which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive industry. Which of the following statements is correct?

The firm is
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What type of produce is sold by the firms in perfect competition?

Perfect competition occurs in a market where there are many firms, each selling
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Table 11.2.3

The two columns of the table are titled Output in balloons per hour and Total cost in dollars per hour.The rows display the data as follows:0; 4.001; 7.002; 8.003; 12.504; 17.205; 22.006; 29.00

Refer to Table 11.2.3, which gives the total cost schedule for Brenda's Balloon Shop, a perfectly competitive firm. What is Brenda's average fixed cost of producing the 4th balloon?
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Which of the following statements describes the short-run market supply curve in a perfectly competitive market?

The short-run market supply curve is
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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. What is the maximum profit the firm can make?
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In the long run when new firms enter a perfectly competitive market, which of the following events occur?
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In which of the following situations is a profit-maximizing firm in a perfectly competitive market making an economic profit?

The firm must be producing the output at which
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Table 11.2.3

The two columns of the table are titled Output in balloons per hour and Total cost in dollars per hour.The rows display the data as follows:0; 4.001; 7.002; 8.003; 12.504; 17.205; 22.006; 29.00

Refer to Table 11.2.3, which gives the total cost schedule for Brenda's Balloon Shop, a perfectly competitive firm. What is Brenda's total fixed cost?
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In which of the following situations will a perfectly competitive firm incur an economic loss? 
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