A Quick Review of Perfect Competition and Monopoly MC ATC MC ATC AVC Dend MA K Dollars Dollars Demand MR с D Quantity Quantity These questions are based on the graphs above.
1. A monopoly firm will maximize profits at what price? a. OA b. OB C. OC C. OG
2. Protits for the monopoly firm are represented by a. OCGE b. DAJE AJHB d. BAJN
3. Total costs for the monopoly firm are represented by a. BKLO b. CGEO C. AJEO CBHEO
4. The perfect competitor will maximize profits at what price? a. OE b. OF CO d. 24
5. The perfect competitor will shut down below what price relationship? a. b. Mc. NdR
6. What is total revenue for the perfect competitor at profit-maximizing output? a. ОGKCb. OFJCC. FGHJ d. FFJH
7. At output OC total variable cost is represented by a. ОGKC b. FGKU c. OEHC d. OFJC
8. At price OG. profits for the perfect competitor are represented by a. ОGKC b. OFNB C. FGKJOEHC
9. At what price-output relationship wil a perfect competitor operate in the long run? a. K b.L c.M d. R