If price is greater than average cost, in the short-run, the competitive firm can earn

Related MCQs

• If an imperfectly competitive firm is producing a level of output where marginal cost is equal to marginal revenue, marginal revenue is below average variable cost, and price is equal to average total cost, then the firm
• If price is less than average cost, in the short-run, the competitive firm can earn
• If price is equal to average cost, in the short-run, the competitive firm can earn
• If a perfectly competitive firm finds that the profit maximizing output level occurs where price is equal to marginal cost but is less than average variable cost
• Suppose a competitive firm produces 100 units of X for a price of Rs.10 a unit. The firm is employing labour and capital such that the marginal physical product of labour and capital is 20 and 5 and the prices paid to labour and capital are Rs. 60 and Rs. 40 respectively. How would you characterize the firm
• A perfectly competitive firm should reduce output or shut down in the short run if market price is equal to marginal cost and price is
• In the short-run, a competitive firm can earn
• In the long run, a competitive firm can earn
• In the long run, a monopolistically competitive firm earn
• A monopolist produces 14,000 units of output and charges Rs.14 per unit. Its marginal revenue is Rs.8, its marginal cost is Rs.7 and rising, its average total cost is Rs.10, and its average variable cost is Rs.9. The monopolist should