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Micro - πmax

Authored by Alia A

Mathematics

University

Micro - πmax
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28 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is profit defined as?

π = TR - TC

π = AFC - ATC

π = TR

The cost of producing one unit of a good or service

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

How is total revenue calculated in a perfect competition scenario?

P X Q
P - Q
P + Q
P divided by Q

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the profit maximizing rule?

Marginal revenue = marginal cost
Fixed costs are minimized
Production quantity is maximized
TR = TC

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is profit?

π = TR − TC

The amount of revenue earned.
Total revenue minus total cost.
The total cost of production.

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is total revenue?

Price times quantity.
The sum of all costs incurred.
The amount earned after subtracting costs.
Total cost minus total profit.

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What does profit maximization entail?

Choosing the level of output at which marginal revenue equals marginal cost.
Increasing output continuously.
Selecting the output level that generates the highest revenue.
Minimizing costs at all levels of output.

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

When does a firm maximize profit?

When marginal revenue equals marginal cost.
At any level of output.
When total cost is minimized.
When total revenue exceeds total cost.

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