The assumptions of perfect competition imply that
individuals in the market accept the market price as given
individuals can influence the market price
the price will be a fair price
the price will be low
If a perfectly competitive firm sells 30 units of output at a price of $10 per unit, its marginal revenue is
$10
more than $10
less than $10
$300
When a perfectly competitive firm is in long-run equilibrium, the firm is
producing at maximum average total cost
producing at maximum average variable cost
producing at minimum marginal cost
producing at minimum long-run average total cost
In long-run equilibrium, economic profits in a perfectly competitive industry are
positive
zero
negative
indeterminate
Assume that the marginal utilities for the first 3 units of a good consumed are 200, 150, and 125, respectively. The total utility when 2 units are consumed is
50
200
350
475
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