If this firm produced at its most efficient output level it would produce _______ units.
A. 50
B. 80
C. 115
D. 140
B. 80
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For a perfectly competitive firm, price is identical to marginal revenue at every quantity
a. True b. False
A firm in perfectly competitive industry is maximizing profit at Q = 3,000 . Then its fixed cost increases. The profit-maximizing output is now
a. greater than 3,000 and profit decreases b. less than 3,000 and profit decreases c. greater than 3,000 and profit is unchanged d. equal to 3,000 and profit decreases e. equal to 3,000 and profit increases
The unemployment rate that many economists believe represents full employment is
a. 0 percent. b. 0-4 percent. c. 4-6 percent. d. 6-8 percent. e. 8-10 percent
Government-imposed quantity restrictions
A. generate a higher price for the good than would prevail under freely competitive markets. B. can cause prices to either be higher or lower, but always cause excess quantities supplied to develop. C. does not affect the price of the good because quantity restrictions always ban sale of the good completely. D. generate a lower price for the good than would prevail under freely competitive markets.