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ECON-1010-A-Introduction to Microeconomics

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When a perfectly competitive market is in long-run equilibrium, which of the following situations occurs?
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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. If the price of a tattoo is $12.50, what is Archibald's economic profit?
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A graph titled, price and cost (dollars per unit) versus quantity (units). The graph plots two convex curves and a horizontal line. The first convex curve that falls from top left to mid-bottom passes through (10, 12) and rises through mid-bottom to top right is labeled, A T C. The second convex curve that rises from bottom left to mid-top passes through (10, 12). The curve increases through mid-top to the top right is labeled M C. Both the curves intersect each other at point (10, 12). A horizontal line that starts from (0, 10) to (10, 10) is labeled M R.

Figure 11.3.1

Refer to Figure 11.3.1, which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive industry. If the market price of the good is $10 per unit, how many units does the firm produce in the short run?

The firm produces ________ units of output and ________.
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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 marginal cost of increasing production from 4 balloons an hour to 5 balloons an hour?
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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 $10.00 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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Lin's fortune cookies are identical to the fortune cookies made by dozens of other firms, and there is free entry in the fortune cookie market. Buyers and sellers are well informed about prices. What determines the price of a fortune cookie and Lin's marginal revenue?

________ determines the price and marginal revenue equals ________.
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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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If market demand in a perfectly competitive market increases, which of the following events occurs?
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A graph of total revenue and total cost (dollars) versus quantity.In the graph, the vertical axis ranges from 0 to 400, increment of 100 units. A graph plots rising slope from bottom left to top right is labeled, T R and the convex curve that rises from (0, 50) passes through (Q sub 1, 100), (Q sub 2, 200), and (Q sub 3, 300) is labeled, T C. All values are estimated.

Figure 11.2.1

Refer to Figure 11.2.1, which shows a perfectly competitive firm's total revenue and total cost curves. Which one of the following statements is false?
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Which of the following statements about the outcome in a perfectly competitive market is incorrect?
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