AP ECON: HW Quiz Ch 13 Perfect Competition

The firm's total revenue from the sale of its most profitable level of output is:

• 0HNE

• 0HRC

• CR

• EN

The firm's short-run supply curve is the:

• entire MC curve

• MC curve below point Q

• rising part of the MC curve beginning at point X.

• rising part of the MC curve beginning at the point at which the firm starts earning economic profit.

The firm's total cost of producing its most profitable level of output is:

• CT

• 0GLE

• 0FTC

• EL

If market price is H, the firm's total economic profit at its most profitable level of output is: 

• GHNL

• FHRT

• 0HRC

• FGKT

The shut-down point in the short run is:

• the point at which economic profit is zero.

• the minimum point of AVC.

• the minimum point of AFC.

• the intersection of the MC and ATC curves.

Perfect Competitors earn the most profit by producing the quantity where:

• Q*(P – ATC) = 0.

• MR = MC.

• P >= AVC.

• TR = TC.

The firm will produce in the short run if the price is ________ the price indicated by ________.

• at least as much as; G

• greater than; M

• at least as much as; Q

• greater than; F

The lowest price that will yield zero economic profit is indicated by the distance:

• F

• Q

• H

• G

The firm will produce in the short run if the price is at least: 

• F

• Q

• M

• G

If market price is H, the firm's total revenue from the sale of its most profitable level of output is:

• CR

• EN

• 0HNE

• 0HRC