# Solved >   23.3   Short-Run Supply Under Perfect Competition 1):1464834 …

23.3   Short-Run Supply Under Perfect Competition

1) Refer to the above table. If the price is \$5, the perfectly competitive firm should produce

A) 104 units.

B) 105 units.

C) 106 units.

D) 107 units.

2) Refer to the above table. If the price is \$5, the maximum economic profits this firm could earn is

A) \$520.

B) \$420.

C) \$414.

D) \$106.

3) Refer to the above table. If the price is \$6, the perfectly competitive firm should produce

A) 104 units.

B) 105 units.

C) 106 units.

D) 107 units.

4) Refer to the above table. If the price is \$6 the maximum profit this firm could earn is

A) \$210.

B) \$414.

C) \$420.

D) \$630.

5) Refer to the above table. If the price is \$3, the perfectly competitive firm should produce

A) 102 units.

B) 105 units.

C) 103 units.

D) 104 units.

6) Refer to the above table. If the price is \$3 the maximum profit this firm could earn is

A) \$99.

B) \$306.

C) -\$100.

D) -\$99.

7) A firm in a perfectly competitive industry faces the following cost and revenue conditions: ATC = \$6; AVC = \$3; MR = MC = \$5. The firm is

A) earning economic profits.

B) experiencing economic losses.

C) experiencing zero profits.

D) in a position in which it should shut down.

8) In the above figure, if the firm is facing demand curve d2, then to maximize profits it will produce at output level

A) A.

B) B.

C) C.

D) D.

9) In the above figure, if d3 is the relevant demand curve for this firm, then which level of output will maximize this firm’s profits or minimize its losses?

A) A

B) B

C) C

D) D

10) In the above figure, if d4 is the relevant demand curve for this firm, then which level of output will maximize this firm’s profits or minimize its losses?

A) A

B) B

C) C

D) D

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