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15 Cards in this Set
- Front
- Back
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_______________can be defined as the addition to total cost that results from producing one more unit of output, for both price takers and price searchers.
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Marginal cost
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A ________________ is a type of firm that has no influence on the market or market price, and has only the power to alter the quantity of a good it produces for the market.
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Price Taker
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Which of the following refers to the cost curve that remains at a constant level regardless of the amount of output produced?
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Total fixed cost
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To maximize profits, a firm should produce so that marginal cost is:
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Equal to marginal revenue
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A firm that is a profit-maximizer will increase its output so long as:
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) Its marginal revenue is positive
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What is the value of w?
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$200.00
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What is the value of x?
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$1200.00
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What is the value of y?
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$1,700.00
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What is the value of z?
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$1500.00
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What is the value of t?
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$150.00
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The firm’s supply curve is represented by the ____________________
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MC Curve above minimum AVC
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The breakeven price allows the firm to cover its _____________ costs.
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Both Fixed and Variable
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The shutdown price allows the firm to cover its ______________costs.
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variable
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If the price of the product is $45, the firm’s breakeven price is $28, and quantity where MC = MR is 11.1 units, the firm’s total costs are______________.
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$310.80
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If the price of the product is $45, the firm’s breakeven price is $28, and quantity where MC = MR is 11.1 units, the firm’s economic profit is ______________.
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) $188.70
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