Test 7- econ 221

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22.08.2019-685 views -Test 7- econ 221

 Quiz 7- econ 221 Essay

Term: ________________________ Class: ___________________ Particular date: __________

ID: A

to discover 7

Multiple Choice

Determine the page of the choice that ideal completes the statement or answers problem.

The initially picture under depicts the charge curves for the representative organization in this correctly competitive sector. Initially, there are 100 firms. The second picture depicts industry demand.

Limited Cost

12

ATC

almost 8

AVC

6th

4

two

200

500

600

800

1000

twelve hundred

1400

15

8

six

4

a couple of

Dem and

20000

____

40000

60000

80000 one hundred thousand 120000 140000

1 . Guess that the firm produces three hundred units of output, simply how much are their particular total costs? a. 2700

c. 3600

b. 3000

d. 4500

1

Name: ________________________

____

____

____

____

____

____

____

ID: A

2 . What is the short-run equilibrium selling price?

a. two

d. 5

b. several

e. 6th

c. 4

3. At the short-run sense of balance price, what is the quantity manufactured by each company? a. 600

c. 800

b. 700

d. 900

4. On the short-run equilibrium price, what is per-firm earnings a. actually zero

c. -1800

b. -2500

d. 4,000

5. In the long-run, what will happen to this industry?

a. Organizations will enter into. Supply is going to shift to the c. Organizations will get out of. Supply can shift for the right and price will certainly fall.

kept and price will rise.

b. Companies will quit. Supply is going to shift to the

d. Nothing at all, this is previously a long-run

right and price will certainly fall.

balance.

6. Precisely what is the long-run equilibrium earnings?

a. zero

c. 1350

b. toll free

d. 2000

7. What is output every firm with the long-run balance price? a. 200

c. 600

w. 500

deb. 800

almost eight. In the long-run, how a large number of firms will probably be in this industry? a. 55

c. 90

b. 70

d. a hundred and twenty

Q

one particular

2

a few

4

Set

Cost

Changing

Cost

Total

Cost

Marginal

Cost

Typical

Fixed

Expense

Average

Variable

Cost

Average

Total

Cost

240

75

100

forty five

____

being unfaithful. What is the marginal cost of the 1st unit of output?

a. 60

c. 100

b. 80

deb....

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