Econ 2302 Final

Front

A firm that shuts down temporarily has to pay

Back

its fixed costs but not its variable costs.

Front

The firm's short-run supply curve is its marginal cost curve above

Back

$6

Front

The firm should shut down if the market price is less than $6.

Back

less than $6.

Front

At Q = 1,000, the firm's profits equal

Back

$1,000

Front

If the market price is $10, what is the firm's short-run economic profit?

Back

$15

Front

If the market price is $6, what is the firm's short-run economic profit?

Back

$0

Front

Which of the following statements is correct?
For all firms, marginal revenue equals the price of the good.
Only for competitive firms does average revenue equal marginal revenue.
Only for competitive firms does average revenue equal the price of the good.
Marginal revenue can be calculated as total revenue divided by the quantity sold.

Back

Only for competitive firms does average revenue equal marginal revenue.

Front

If a monopolist is able to perfectly price discriminate,

Back

consumer surplus and deadweight losses are transformed into monopoly profits.

Front

If a profit-maximizing monopolist faces a downward-sloping market demand curve, its

Back

marginal revenue is less than the price of the product.

Front

Given that Bearclaws chooses the profit-maximizing price and quantity, what profit level will it obtain?

Back

$280