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1、929Chapter 14 Firms in Competitive MarketsTRUE/FALSE1.For a firm operating in a perfectly competitive industry, total revenue, marginal revenue, and average revenue are all equal. ANS:FDIF:2REF:14-1NAT:Analytic LOC:Perfect competitionTOP:Average revenue | Marginal revenue MSC: Interpretive2.For a fi
2、rm operating in a perfectly competitive industry, marginal revenue and average revenue are equal. ANS:TDIF:2REF:14-1NAT:Analytic LOC:Perfect competitionTOP:Average revenue | Marginal revenue MSC: Interpretive3.If a firm notices that its average revenue equals the current market price, that firm must
3、 be participating in a competitive market. ANS:FDIF:2REF:14-1NAT:Analytic LOC:Perfect competitionTOP:Average revenue MSC: Interpretive4.A profit-maximizing firm in a competitive market will increase production when average revenue exceeds marginal cost. ANS:TDIF:2REF:14-1NAT:Analytic LOC:Perfect com
4、petitionTOP:Average revenue MSC: Interpretive5.Because there are many buyers and sellers in a perfectly competitive market, no one seller can influence the market price. ANS:TDIF:1REF:14-1NAT:Analytic LOC:Perfect competitionTOP:Competitive markets MSC: Definitional6.Firms operating in perfectly comp
5、etitive markets try to maximize profits. ANS:TDIF:2REF:14-1NAT:Analytic LOC:Perfect competitionTOP:Profit maximization MSC: Applicative7.In competitive markets, firms that raise their prices are typically rewarded with larger profits. ANS:FDIF:2REF:14-1NAT:Analytic LOC:Perfect competitionTOP:Competi
6、tive markets MSC: Interpretive8.When an individual firm in a competitive market increases its production, it is likely that the market price will fall. ANS:FDIF:2REF:14-1NAT:Analytic LOC:Perfect competitionTOP:Competitive markets MSC: Interpretive9.In a competitive market, firms are unable to differ
7、entiate their product from that of other producers. ANS:TDIF:1REF:14-1NAT:Analytic LOC:Perfect competitionTOP:Competitive markets MSC: Interpretive10.Firms in a competitive market are said to be price takers because there are many sellers in the market and the goods offered by the firms are very sim
8、ilar if not identical. ANS:TDIF:2REF:14-1NAT:Analytic LOC:Perfect competitionTOP:Competitive markets MSC: Interpretive930 Chapter 14/Firms in Competitive Markets11.A firms incentive to compare marginal revenue and marginal cost is an application of the principle that rational people think at the mar
9、gin. ANS:TDIF:1REF:14-2NAT:Analytic LOC:Perfect competitionTOP:Profit maximization MSC: Interpretive12.By comparing the marginal revenue and marginal cost from each unit produced, a firm in a competitive market can determine the profit-maximizing level of production. ANS:TDIF:2REF:14-2NAT:Analytic L
10、OC:Perfect competitionTOP:Profit maximization MSC: Interpretive13.Firms operating in perfectly competitive markets produce an output level where marginal revenue equals marginal cost. ANS:TDIF:2REF:14-2NAT:Analytic LOC:Perfect competitionTOP:Marginal revenue MSC: Applicative14.A firm is currently pr
11、oducing 100 units of output per day. The manager reports to the owner that producing the 100th unit costs the firm $5. The firm can sell the 100th unit for $4.75. The firm should continue to produce 100 units in order to maximize its profits (or minimize its losses). ANS:FDIF:2REF:14-2NAT:Analytic L
12、OC:Perfect competitionTOP:Profit maximization MSC: Analytical15.A firm is currently producing 100 units of output per day. The manager reports to the owner that producing the 100th unit costs the firm $5. The firm can sell the 100th unit for $5. The firm should continue to produce 100 units in order
13、 to maximize its profits (or minimize its losses). ANS:TDIF:2REF:14-2NAT:Analytic LOC:Perfect competitionTOP:Profit maximization MSC: Analytical16.A firm is currently producing 100 units of output per day. The manager reports to the owner that producing the 100th unit costs the firm $5. The firm can
14、 sell the unit for $6. The firm should produce more than 100 units in order to maximize its profits (or minimize its losses). ANS:TDIF:2REF:14-2NAT:Analytic LOC:Perfect competitionTOP:Profit maximization MSC: Analytical17.A dairy farmer must be able to calculate sunk costs in order to determine how
15、much revenue the farm receives for the typical gallon of milk. ANS:FDIF:1REF:14-2NAT:Analytic LOC:Perfect competitionTOP:Sunk costsMSC: Interpretive18.Because nothing can be done about sunk costs, they are irrelevant to decisions about business strategy. ANS:TDIF:2REF:14-2NAT:Analytic LOC:Perfect co
16、mpetitionTOP:Sunk costsMSC: Interpretive19.A miniature golf course is a good example of where fixed costs become relevant to the decision of when to open and when to close for the season. ANS:FDIF:2REF:14-2NAT:Analytic LOC:Perfect competitionTOP:Sunk costsMSC: Interpretive20.A popular resort restaurant will maximize profits if it chooses to stay open during the less-crowded “off season” when its total revenues exceed its variable costs. ANS:TDIF:2REF:14-2NAT:An
