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11. On a per unit basis economic profit can be determined as

Customer Question

11. On a per unit basis economic profit can be determined as the difference between:
Answer

marginal revenue and product price.

product price and average total cost.

marginal revenue and marginal cost.

average fixed cost and product price.
12. If a purely competitive firm is producing where price exceeds marginal cost, then:
Answer

the firm will fail to maximize profit, but resources will be efficiently allocated.

the firm will fail to maximize profit and resources will be overallocated to the product.

the firm will fail to maximize profit and resources will be underallocated to the product.

resources will be underallocated to the product, but the firm will maximize profit
13. http://imageshack.us/photo/my-images/690/unlednty.jpg/
14. A purely competitive firm should produce in the short run if its total revenue is sufficient to cover its:
Answer

total variable costs.

total costs.

total fixed costs.

marginal costs.
15. http://imageshack.us/photo/my-images/508/unledxne.jpg/
Submitted: 6 years ago.
Category: Homework
Expert:  Linda_us replied 6 years ago.
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