101.In perfect competition, the profit-maximizing level of output occurs where the:
A)MR = MC above minimum AVC.
B)price < marginal cost above minimum AVC.
C)MR > MC below minimum AVC.
D)P = MR above MC.
102.A perfectly competitive firm will incur an economic loss but will continue producing output in the short run if the price is:
A)less than marginal cost.
B)greater than average fixed cost and less than average variable cost.
C)greater than average total cost.
D)greater than average variable cost but less than average total cost.
103.If the price is greater than the average variable cost and less than the average total cost at the profit-maximizing quantity of output in the short run, a perfectly competitive firm will:
A)continue to produce at an economic loss.
B)earn an economic profit.
C)encourage other firms to enter the industry.
D)produce more than the profit-maximizing quantity.
104.In the short run, if AVC < P < ATC, a perfectly competitive firm:
A)produces output and earns an economic profit.
B)produces output and incurs an economic loss.
C)does not produce output and earns an economic profit.
D)does not produce output and earns zero economic profit.
105.In the short run, a perfectly competitive firm produces output and incurs an economic loss if:
A)P > ATC.
B)P < AVC.
C)AVC > P > ATC.
D)AVC < P < ATC.
106.A perfectly competitive firm will not produce any output in the short run and will shut down if the price is:
A)greater than marginal cost.
B)less than marginal cost.
C)less than average variable cost.
D)greater than average variable cost and less than average total cost.
107.The shut-down point in the short run is:
A)the point at which economic profit is zero.
B)the minimum point of AVC.
C)the intersection of the MC and ATC curves.
D)the minimum point of AFC.
108.If the price is less than the average variable cost at the quantity of output where MR = MC, in the short run a perfectly competitive firm will:
A)produce at a loss.
B)produce at a profit.
C)shut down production.
D)produce more than the profit-maximizing quantity.
109.Assume that in the short run a perfectly competitive firm does not produce output and has economic losses. This occurs at the quantity where MR = MC and:
A)P = ATC and FC = 0.
B)P < AVC and FC > 0.
C)AVC > P > ATC and FC = 0.
D)AVC < P < ATC and FC > 0.
110.In the short run, if P < AVC at the quantity where MR = MC, a perfectly competitive firm produces _____ and takes an economic _____.
C)no output; profit
D)no output; loss
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