Exam 10: Pure Competition in the Short Run

The accompanying table gives cost data for a firm that is selling in a purely competitive market. If there were 1,000 identical firms in this industry and total, or market, demand is as shown in the second table, equilibrium price will be

The accompanying table gives cost data for a firm that is selling in a purely competitive market. The marginal cost column reflects

The accompanying table gives cost data for a firm that is selling in a purely competitive market. If product price is $75, the firm will produce

The short-run supply curve for a competitive firm is the

Refer to the diagram for a purely competitive producer. If product price is P ₃,

Which of the following is a feature of a purely competitive market?

If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its marginal revenue

Average revenue is conceptually equivalent to the

The table gives data for a purely competitive firm. When the firm produces 3 units of output, it makes an economic

Let us suppose Harry's, a local supplier of chili and pizza, has the revenue and cost structure shown here.

Refer to the accompanying diagram. This firm will earn only a normal profit if product price is

In which market model would there be a unique product for which there are no close substitutes?

Assume the price of a product sold by a purely competitive firm is $3. Given the data in the accompanying table, at what output level is total profit highest in the short run?

Refer to the accompanying graph for a purely competitive firm operating at a loss in the short run. Which of the following changes in its market would allow the firm to earn positive profits again?

The table gives data for a purely competitive firm. The marginal revenue from the third unit of output is

The accompanying table shows cost data for a firm that is selling in a purely competitive market. If the price of the product is $6, what output level will the firm produce?

Mutual interdependence would tend to limit control over price in which market model?

If a firm has at least some control over the price of its product, then the firm cannot be in which market model?

There would be some control over price within rather narrow limits in which market model?

Let us suppose Harry's, a local supplier of chili and pizza, has the revenue and cost structure shown here.