Exam 10: Pure Competition in the Short Run

Assume the XYZ Corporation is producing 35 units of output. It is selling this output in a purely competitive market at $20 per unit. Its total fixed costs are $150 and its average variable cost is $12 at 35 units of output. This corporation

The table gives data for a purely competitive, profit-maximizing firm. Based on this information, in the short run how much is this firm earning in economic profit (or losing, as reflected by negative numbers)?

The accompanying table gives cost data for a firm that is selling in a purely competitive market. Which of the following tables gives the firm's short-run supply schedule?

Assume a purely competitive firm is selling 200 units of output at $3 each. At this output, its total fixed cost is $100 and its total variable cost is $350. This firm

Given the data in the table, at what quantity would a purely competitive firm cover all of its costs and earn only normal profits?

As long as its total revenues are greater than its total costs, a firm will earn positive economic profits.

The market for agricultural products such as wheat or corn would best be described by which market model?

The total revenue of a purely competitive firm from selling 50 units of output is $300. Based on this information, total revenue for 60 units of output must be

At P ₂ in the accompanying diagram, this firm will

The accompanying table gives cost data for a firm that is selling in a purely competitive market. If the market price for this firm's product is $24, it will produce

The total revenue of a purely competitive firm from selling 6 units of output is $48. Based on this information, total revenue for 7 units of output must be

Refer to the short-run data in the accompanying graph. The profit-maximizing output for this firm is

The accompanying table shows cost data for a firm that is selling in a purely competitive market. If the product price is $290, the per-unit economic profit at the profit-maximizing output is

Refer to the accompanying graph. The firm will earn maximum total profits if it produces and sells quantity

An industry comprising 40 firms, each with about 2-3 percent of the total market for a differentiated product, is an example of

Economists use the term imperfect competition to describe

A firm sells a product in a purely competitive market. The marginal cost of the product at the current output of 500 units is $1.50. The average variable cost is $1.00. The market price of the product is $1.25. To maximize profits or minimize losses, the firm should

The table shows the total costs for a purely competitive firm. If the product sells for $600 a unit, the firm's short run profit-maximizing (or loss-minimizing)output is

Which of the output levels in the accompanying graph is the profit-maximizing output level for this firm?

According to the accompanying diagram, to maximize profit or minimize losses, this firm will produce