In a perfectly competitive industry the market price is $25.
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10. In a perfectly competitive industry the market price is $25. A firm is currently producing 10,000 units of output; average total cost is $28, marginal cost is $20, and average variable cost is $20. The firm shouldA. Raise price because the firm is losing money. B. Keep output the same because the firm is producing at minimum average variable cost. C. Produce more because the next unit of output increases profit by $5. D. Produce less because the next unit of output decreased profit by $3. E. Shut down because the firm is losing money.14. A typical firm in a perfectly competitive market made positive economic profits last period. This period,A. Market supply will increase. B. Market price will rise. C. The firm will produce more. D. The firm’s profits will increase.E. None of the above5. In a perfectly competitive market…A. A firm must lower price to attract more customers. B. The additional revenue from selling one more unit of output is less than price. C. Demand facing the industry is perfectly elastic. D. All of the above.E. None of the above.
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