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riq

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In answering the question, you should emphasize the line of reasoning that generated your results; it is not enough to list the results of your analysis. Include correctly labeled diagrams, if useful or required, in expl...
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Productive efficiency occurs when a firm produces output at a level at which average total cost equals average revenue a average total cost is at a minimum b price exceeds average total cost c price equals marginal cost...
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The graph above shows the short-run cost curves of a firm in a perfectly competitive market. Which of the following are true at the firm's profit-maximizing output level? Price exceeds average total cost. Economic profit...
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The reason that firms in perfect competition earn zero economic profit in the long run is that firms are small a there are a large number of sellers b firms cannot advertise c there are no barriers to entry or exit d the...
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Which of the following situations best fits with the description of a firm in a perfectly competitive market? GaryNote constantly offers discounts to steal customers from EricNote, which retaliates by offering price cuts...
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Assume that olive oil is produced in a constant- cost, perfectly competitive industry, which is currently in long-run equilibrium. If the current price of olive oil is $5 per quart and the demand for olive oil increases,...
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Assume that, for a perfectly competitive firm, marginal cost equals average variable cost at $10, marginal cost equals average total cost at $15, and marginal revenue equals marginal cost at $12. On the basis of this inf...
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A perfectly competitive firm finds that for the last shirt that it produces and sells, the marginal revenue is 20 and the marginal cost is 22 . The firm should charge to maximize profit a produce more shirts to increase...
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The following questions are based on the table below, which gives cost information for a perfectly competitive firm. A table with four columns is shown. The first column is quantity, the second column is average fixed co...
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The most profitable level of output for any firm operating in the short run is the level of output at which marginal revenue exceeds marginal cost by the highest amount a marginal revenue equals marginal cost b price exc...
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For a perfectly competitive firm, assume the price equals a rising marginal cost at 200 units of output. At this output, average total cost is $8 and average variable cost is $5. If the price is $4, by how much can this...
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Raheem is currently working as a financial analyst earning 75,000 a year and is considering quitting his current job to start an art gallery. The estimated annual revenue from the art gallery is 175,000 . The annual cost...
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Raheem is currently working as a financial analyst earning a year and is considering quitting his current job to start an art gallery. The estimated annual revenue from the art gallery is . The annual cost of labor, adve...
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What does the minimum efficient scale measure? The smallest output level at which short-run average total cost is minimized. a The smallest output level at which short-run total cost is minimized. b The smallest output l...
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In the short run, a profit-maximizing firm, faced with U-shaped average cost curves, is producing a level of output at which the average total cost of production is minimized. At this level of output, which of the follow...
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The following questions are based on the table below, which shows a firm’s average variable cost and average total cost. The figure shows a table with 3 columns and 6 rows of data. The first column is labeled Output, the...
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In the short run, which of the following is true of a firm's average total cost of production? It is equal to marginal cost plus average variable cost. a It is equal to marginal cost plus average fixed cost. b It is equa...
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A firm’s short-run production function uses capital and labor as inputs. Assume the quantity of capital is fixed in the short run. The marginal product of labor will decrease as more labor is used in the short run becaus...
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Which of the following statements about short-run costs is always true as a firm increases its production? Average fixed cost decreases. a Average variable cost decreases. b Average total cost decreases. c Marginal cost...
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When marginal product exceeds average product, which of the following must be true? Average product is increasing. a Average product is decreasing. b Marginal product is increasing. c Total product is decreasing. d Total...
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In microeconomics, the short run is defined as which of the following? A period that is less than one year a A period that is between one year and four years b A period that is too short for a firm to be able to change i...
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A nation engages in international trade with its trading partners and is currently an importer of aluminum. Imposing an import tariff on aluminum will affect the domestic market for aluminum in which of the following way...
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Which of the following will result in the short run if the government imposes a binding quota? A decrease in the price paid by consumers a A rightward shift in the supply curve b A leftward shift in the demand curve c An...
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Suppose the government sets a price floor at $9 in the market. The resulting consumer surplus, producer surplus, and deadweight loss will be which of the following? Consumer Surplus Producer Surplus Deadweight Loss B + E...
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The following questions are based on the diagram below, which shows the effect of a unit tax placed on a good. A graph in the first quadrant is shown with quantity on the horizontal axis and price in dollars on the verti...
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