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jmoney5 jmoney5
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5 years ago

Question 1.

A firm in a perfectly competitive industry produces its profit-maximizing quantity, 40 units. Industry price is $3, total fixed costs are $45, and total variable costs are $60. The firm's economic profit is



▸ $15.

▸ $30.

▸ $35.

▸ $60.

Question 2.

An individual wheat farmer produces wheat in a perfectly competitive market. A decrease in the market demand for wheat will cause the farmer's marginal revenue to ________ and his profit-maximizing level of output to ________.



▸ increase; increase

▸ increase; decrease

▸ decrease; increase

▸ decrease; decrease
Textbook 
Principles of Economics

Principles of Economics


Edition: 12th
Authors:
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Lori734Lori734
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5 years ago
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jmoney5 Author
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