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3 Written questions

2 Multiple choice questions

  1. This means perfectly competitive firms are price takers
    • This means the individual firm faces perfectly elastic demand
    • Be able to calculate the profit maximizing output and quantity from a table (MR = MC)
    • Know how to recognize the profit maximizing point on a graph
    o Is the firm making a profit? Operating at a loss? Breaking even?
  2. 1. Many buyers and many firms, all of which are small relative to the overall market
    2. Products sold are identical
    3. No barriers to new firms entering (or on firms exiting)

2 True/False questions

  1. Long-runis minimum of AVC curve

          

  2. Break-even pointis minimum of AVC curve

          

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