Econ Unit 4

Front

For this firm, the short-run, profit-maximizing strategy would be to set output at Q1, price at P3, and earn economic profit.

Back

Q1, price at P3, and earn economic profit

Front

For this firm, the allocatively efficient combination of price and output would be

Back

Q2 and P2

Front

For this firm, which combination of output and price will maximize its profit? Options: Q1 and P4, Q1 and P1, Q2 and P3, Q3 and P3

Back

Q1 and P4

Front

For this firm, which combination of output and price will be allocatively efficient? Options: Q1 and P4, Q1 and P1, Q2 and P3, Q3 and P3

Back

Q2 and P3

Front

What is this monopolist’s profit-maximizing quantity and price combination? Options: Q1 and P1, Q1 and P5, Q3 and P3, Q2 and P4

Back

Q1 and P5

Front

What is this firm's PROFIT-maximizing combination of price and output?

Back

Q1 and P6

Front

What is this firm's REVENUE-maximizing combination of price and output?

Back

Q3 and P4

Front

What is this firm's allocatively efficient combination of price and output?

Back

Q4 and P3

Front

A monopoly is producing the ALLOCATIVELY efficient output if, for the last unit produced,

Back

price equals marginal cost

Front

A firm is ALLOCATIVELY efficient if it operates where

Back

price = marginal cost