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Marginal revenue

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Question

Marginal revenue is the change in total:
cost when the firm produces additional

units.

revenue when the firm spends more money.

revenue divided by the change in total cost.

revenue when the firm produces additional units.

cost divided by the change in total revenue.

 
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a competitive firm

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Question

In the short run, a competitive firm may choose to operate at a loss:
to ensure that other

firms make a loss as well.

only if those losses are economic losses.

to gain market power in the future.

only if those losses are accounting losses.

to recover a portion of its fixed costs.

 
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In competitive markets

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Question

In competitive markets:
the products sold are different depending on the firm selling the

product.

buyers can expect to find consistently low prices and wide availability of the good that they want.

producers can expect to be able to set the price at the level they choose.

it is hard for a seller to enter the market due to barriers to entry.

firms will leave the market if they are making economic profits.

 
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opportunity cost

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Question

See Hinta. What is the opportunity cost for Jody to produce one more pound of nuts?   style=”color:rgb(29,29,29);”>   pounds of coffee
b. What is the opportunity cost for Jody to produce one more pound of coffee?     pounds of nuts
c. What is the opportunity cost for Benny to produce one more pound of nuts?     pounds of coffee
d. What is the opportunity cost for Benny to produce one more pound of coffee?     pounds of nuts

 
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