Paul's Pizza Parlor bakes pizza pies according to Q = 3L - 0.3L2.If labor costs $6 and pizza sells for $10,the optimal amount of labor is:

A) 6. B) 5. C) 4. D) 3. E) 2. A) 6. B) 5. C) 4. D) 3. E) 2.

Toy Productions makes toy trucks from steel according to Q = 50 + 100S - 0.5S2.If steel costs $49 and toy trucks sell for $7,the optimal level of steel usage is:

A) 50. B) 43. C) 100. D) 93. E) 133. A) 50. B) 43. C) 100. D) 93. E) 133.

Exam 7: Perfect Competition

If a representative firm with long-run total cost given by TC = 2,000 + 20q + 5q² operates in a competitive industry where the market demand is given by Q_D = 10,000 - 40P,in the long-run equilibrium there will be:

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(Multiple Choice)

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Question 1

Correct Answer:

Verified

If the demand increases for the product of a constant-cost industry:

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(Multiple Choice)

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Question 2

Correct Answer:

Verified

If the perfectly competitive market supply of pork bellies shifts from Q_S_,93 = 250 + 50P to Q_S_,94 = 400 + 40P,and the market demand is given by Q_D = +10,000 - 200P,then the change in equilibrium price will be:

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(Multiple Choice)

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Question 3

Correct Answer:

Verified

If the demand increases for the product of a decreasing-cost industry:

(Multiple Choice)

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Question 4

A representative firm with long-run total cost given by TC = 20 + 20q + 5q² operates in a competitive industry where the short-run market demand and supply curves are given by Q_D = 1,400 - 40P and Q_S = -400 + 20P.If it continues to operate in the long run,its profit-maximizing level of output is:

(Multiple Choice)

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Question 5

If a representative firm with long-run total cost given by TC = 50 + 2q + 2q² operates in a competitive industry where the market demand is given by Q_D = 1,410 - 40P,in the long-run equilibrium there will be:

(Multiple Choice)

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Question 6

A representative firm with long-run total cost given by TC = 2,000 + 20q + 5q² operates in a competitive industry where the market demand is given by Q_D = 10,000 - 40P.The long-run equilibrium output of the industry will be:

(Multiple Choice)

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Question 7

The long-run supply curve for a product is horizontal with ATC = 200.Market demand is defined as P = 1,000 - 4Q.The market is competitive and is in long-run equilibrium with 50 firms in the industry.If demand increases to P = 1,240 - 4Q,how many firms will be in the industry at the new long-run equilibrium?

(Multiple Choice)

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Question 8

The long-run supply curve for a product is horizontal with ATC = 200.Market demand is defined as P = 1,000 - 5Q.The market is competitive and is in long-run equilibrium with 40 firms in the industry.If a $50 tax is imposed on sellers,how many firms will be in the industry at the new long-run equilibrium?

(Multiple Choice)

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Question 9

If a representative firm with total cost given by TC = 20 + 20q + 5q² operates in a competitive industry where the short-run market demand and supply curves are given by Q_D = 1,400 - 40P and Q_S = -400 + 20P,its short-run profit-maximizing level of output is:

(Multiple Choice)

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Question 10

If the demand increases for the product of an increasing-cost industry:

(Multiple Choice)

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Question 11

In the model of perfect competition,there:

(Multiple Choice)

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Question 12

If a representative firm with long-run total cost given by TC = 50 + 2q + 2q² operates in a competitive industry where the short-run market demand and supply curves are given by Q_D = 1,410 - 40P and Q_S = -390 + 20P,its long-run profit-maximizing level of output is:

(Multiple Choice)

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Question 13

Paul's Pizza Parlor bakes pizza pies according to Q = 3L - 0.3L².If labor costs $6 and pizza sells for $10,the optimal amount of labor is:

(Multiple Choice)

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Question 14

If the perfectly competitive market demand for tanning beds shifts from Q_D_,91 = 1,230 - 5P to Q_D_,92 = 740 - 5P and the market supply is given by Q_S = -100 + 2P,then the change in equilibrium quantity will be:

(Multiple Choice)

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Question 15

If labor produces output according to Q = 8L^1/2,labor costs $10,and output sells for $100,then the optimal level of L is:

(Multiple Choice)

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Question 16

Toy Productions makes toy trucks from steel according to Q = 50 + 100S - 0.5S².If steel costs $49 and toy trucks sell for $7,the optimal level of steel usage is:

(Multiple Choice)

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Question 17

A constant-cost industry is one in which:

(Multiple Choice)

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Question 18

The long-run supply curve for a product is horizontal with ATC = 400.Market demand is defined as P = 1,000 - 4Q.The market is competitive and is in long-run equilibrium with 50 firms in the industry.If demand increases to P = 1,240 - 4Q,how many firms will be in the industry at the new long-run equilibrium?

(Multiple Choice)

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Question 19

If a representative firm with total cost given by TC = 20 + 20q + 5q² operates in a competitive industry where the short-run market demand and supply curves are given by Q_D = 1,400 - 40P and Q_S = -400 + 20P,the number of firms operating in the short run will be:

(Multiple Choice)

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Question 20

Showing 1 - 20 of 39

If a representative firm with long-run total cost given by TC = 2,000 + 20q + 5q² operates in a competitive industry where the market demand is given by Q_D = 10,000 - 40P,in the long-run equilibrium there will be:

If the demand increases for the product of a constant-cost industry:

If the perfectly competitive market supply of pork bellies shifts from Q_S_,93 = 250 + 50P to Q_S_,94 = 400 + 40P,and the market demand is given by Q_D = +10,000 - 200P,then the change in equilibrium price will be:

If the demand increases for the product of a decreasing-cost industry:

A representative firm with long-run total cost given by TC = 20 + 20q + 5q² operates in a competitive industry where the short-run market demand and supply curves are given by Q_D = 1,400 - 40P and Q_S = -400 + 20P.If it continues to operate in the long run,its profit-maximizing level of output is:

If a representative firm with long-run total cost given by TC = 50 + 2q + 2q² operates in a competitive industry where the market demand is given by Q_D = 1,410 - 40P,in the long-run equilibrium there will be:

A representative firm with long-run total cost given by TC = 2,000 + 20q + 5q² operates in a competitive industry where the market demand is given by Q_D = 10,000 - 40P.The long-run equilibrium output of the industry will be:

If a representative firm with total cost given by TC = 20 + 20q + 5q² operates in a competitive industry where the short-run market demand and supply curves are given by Q_D = 1,400 - 40P and Q_S = -400 + 20P,its short-run profit-maximizing level of output is:

If the demand increases for the product of an increasing-cost industry:

In the model of perfect competition,there:

If a representative firm with long-run total cost given by TC = 50 + 2q + 2q² operates in a competitive industry where the short-run market demand and supply curves are given by Q_D = 1,410 - 40P and Q_S = -390 + 20P,its long-run profit-maximizing level of output is:

Paul's Pizza Parlor bakes pizza pies according to Q = 3L - 0.3L².If labor costs $6 and pizza sells for $10,the optimal amount of labor is:

If the perfectly competitive market demand for tanning beds shifts from Q_D_,91 = 1,230 - 5P to Q_D_,92 = 740 - 5P and the market supply is given by Q_S = -100 + 2P,then the change in equilibrium quantity will be:

If labor produces output according to Q = 8L^1/2,labor costs $10,and output sells for $100,then the optimal level of L is:

Toy Productions makes toy trucks from steel according to Q = 50 + 100S - 0.5S².If steel costs $49 and toy trucks sell for $7,the optimal level of steel usage is:

A constant-cost industry is one in which:

If a representative firm with total cost given by TC = 20 + 20q + 5q² operates in a competitive industry where the short-run market demand and supply curves are given by Q_D = 1,400 - 40P and Q_S = -400 + 20P,the number of firms operating in the short run will be:

Introduction

Demand Theory

Consumer Behavior and Rational Choice

Estimating Demand Functions

Production Theory

The Analysis of Costs

Monopoly and Monopolistic Competition

Managerial Use of Price Discrimination

Bundling and Intrafirm Pricing

Oligopoly

Game Theory

Auctions

Risk Analysis

Principalagent Issues and Managerial Compensation

Adverse Selection

Government and Business

Optimization Techniques

Appendix Problems

Filters

Exam 7: Perfect Competition

If a representative firm with long-run total cost given by TC = 2,000 + 20q + 5q2 operates in a competitive industry where the market demand is given by QD = 10,000 - 40P,in the long-run equilibrium there will be:

If the demand increases for the product of a constant-cost industry:

If the perfectly competitive market supply of pork bellies shifts from QS,93 = 250 + 50P to QS,94 = 400 + 40P,and the market demand is given by QD = +10,000 - 200P,then the change in equilibrium price will be:

If the demand increases for the product of a decreasing-cost industry:

A representative firm with long-run total cost given by TC = 20 + 20q + 5q2 operates in a competitive industry where the short-run market demand and supply curves are given by QD = 1,400 - 40P and QS = -400 + 20P.If it continues to operate in the long run,its profit-maximizing level of output is:

If a representative firm with long-run total cost given by TC = 50 + 2q + 2q2 operates in a competitive industry where the market demand is given by QD = 1,410 - 40P,in the long-run equilibrium there will be:

A representative firm with long-run total cost given by TC = 2,000 + 20q + 5q2 operates in a competitive industry where the market demand is given by QD = 10,000 - 40P.The long-run equilibrium output of the industry will be:

If a representative firm with total cost given by TC = 20 + 20q + 5q2 operates in a competitive industry where the short-run market demand and supply curves are given by QD = 1,400 - 40P and QS = -400 + 20P,its short-run profit-maximizing level of output is:

If the demand increases for the product of an increasing-cost industry:

In the model of perfect competition,there:

If a representative firm with long-run total cost given by TC = 50 + 2q + 2q2 operates in a competitive industry where the short-run market demand and supply curves are given by QD = 1,410 - 40P and QS = -390 + 20P,its long-run profit-maximizing level of output is:

Paul's Pizza Parlor bakes pizza pies according to Q = 3L - 0.3L2.If labor costs $6 and pizza sells for $10,the optimal amount of labor is:

If the perfectly competitive market demand for tanning beds shifts from QD,91 = 1,230 - 5P to QD,92 = 740 - 5P and the market supply is given by QS = -100 + 2P,then the change in equilibrium quantity will be:

If labor produces output according to Q = 8L1/2,labor costs $10,and output sells for $100,then the optimal level of L is:

Toy Productions makes toy trucks from steel according to Q = 50 + 100S - 0.5S2.If steel costs $49 and toy trucks sell for $7,the optimal level of steel usage is:

A constant-cost industry is one in which:

If a representative firm with total cost given by TC = 20 + 20q + 5q2 operates in a competitive industry where the short-run market demand and supply curves are given by QD = 1,400 - 40P and QS = -400 + 20P,the number of firms operating in the short run will be:

Introduction

Demand Theory

Consumer Behavior and Rational Choice

Estimating Demand Functions

Production Theory

The Analysis of Costs

Monopoly and Monopolistic Competition

Managerial Use of Price Discrimination

Bundling and Intrafirm Pricing

Oligopoly

Game Theory

Auctions

Risk Analysis

Principalagent Issues and Managerial Compensation

Adverse Selection

Government and Business

Optimization Techniques

Appendix Problems

Filters

If a representative firm with long-run total cost given by TC = 2,000 + 20q + 5q² operates in a competitive industry where the market demand is given by Q_D = 10,000 - 40P,in the long-run equilibrium there will be:

If the perfectly competitive market supply of pork bellies shifts from Q_S_,93 = 250 + 50P to Q_S_,94 = 400 + 40P,and the market demand is given by Q_D = +10,000 - 200P,then the change in equilibrium price will be:

If a representative firm with long-run total cost given by TC = 50 + 2q + 2q² operates in a competitive industry where the market demand is given by Q_D = 1,410 - 40P,in the long-run equilibrium there will be:

A representative firm with long-run total cost given by TC = 2,000 + 20q + 5q² operates in a competitive industry where the market demand is given by Q_D = 10,000 - 40P.The long-run equilibrium output of the industry will be:

If a representative firm with total cost given by TC = 20 + 20q + 5q² operates in a competitive industry where the short-run market demand and supply curves are given by Q_D = 1,400 - 40P and Q_S = -400 + 20P,its short-run profit-maximizing level of output is:

If a representative firm with long-run total cost given by TC = 50 + 2q + 2q² operates in a competitive industry where the short-run market demand and supply curves are given by Q_D = 1,410 - 40P and Q_S = -390 + 20P,its long-run profit-maximizing level of output is:

Paul's Pizza Parlor bakes pizza pies according to Q = 3L - 0.3L².If labor costs $6 and pizza sells for $10,the optimal amount of labor is:

If the perfectly competitive market demand for tanning beds shifts from Q_D_,91 = 1,230 - 5P to Q_D_,92 = 740 - 5P and the market supply is given by Q_S = -100 + 2P,then the change in equilibrium quantity will be:

If labor produces output according to Q = 8L^1/2,labor costs $10,and output sells for $100,then the optimal level of L is:

Toy Productions makes toy trucks from steel according to Q = 50 + 100S - 0.5S².If steel costs $49 and toy trucks sell for $7,the optimal level of steel usage is:

If a representative firm with total cost given by TC = 20 + 20q + 5q² operates in a competitive industry where the short-run market demand and supply curves are given by Q_D = 1,400 - 40P and Q_S = -400 + 20P,the number of firms operating in the short run will be: