The difference between total revenue and total cost is _______________________________
20. . A perfectly competitive firm is definitely earning an economic profit when: ________________
A) MR > MC. B) P > ATC. C) P > MC. D) P > AVC.
-Suppose that a business incurred implicit costs of $200,000 and explicit costs of $1 million in a specific year. If the firm sold 4,000 units of its output at $300 per unit, its accounting profits are:_________________________________________________
-For the economist, total cost includes______________________________ for an economic profit
-Assume the XYZ Corporation is producing 20 units of output. It is selling this output in a purely competitive market at $10 per unit. Its total fixed costs are $100 and its average variable cost is $3 at 20 units of output. This corporation accounting profit is:_______________________________________________________________
-Identify the following market structure
-A market with no close substitutes ____________________________________
-A market that focuses on differentiated products_______________________
-A market with one seller______________________________
-A market where there is collusion________________________
-A market that involves the auto industry_____________________
-A market where you are a price taker_____________________________
-A market where advertising is a strong incentive____________________
Why can fixed costs be considered as an entry fee?
The difference between total revenue and total cost is _______________________________
20. . A perfectly competitive firm is definitely earning an economic profit when: ________________
A) MR > MC. B) P > ATC. C) P > MC. D) P > AVC.
-Suppose that a business incurred implicit costs of $200,000 and explicit costs of $1 million in a specific year. If the firm sold 4,000 units of its output at $300 per unit, its accounting profits are:_________________________________________________
-For the economist, total cost includes______________________________ for an economic profit
-Assume the XYZ Corporation is producing 20 units of output. It is selling this output in a purely competitive market at $10 per unit. Its total fixed costs are $100 and its average variable cost is $3 at 20 units of output. This corporation accounting profit is:_______________________________________________________________
-Identify the following market structure
-A market with no close substitutes ____________________________________
-A market that focuses on differentiated products_______________________
-A market with one seller______________________________
-A market where there is collusion________________________
-A market that involves the auto industry_____________________
-A market where you are a price taker_____________________________
-A market where advertising is a strong incentive____________________
Why can fixed costs be considered as an entry fee?