9. A perfectly competitive firm will produce in the short run aslong as

A)the firm receives a price greater than average total cost

B)the cost of producing is less than the cost of notproducing

C)the firm receives a price greater than average fixed cost

D)All options are incorrect

3. If total cost is $36 and variable costs are $16 at 4 units of output, average fixed cost is
A)$5
B)$4
C)$12
D)$2

Long-run equilibrium occurs where

A)all options

B)Price = marginal cost

C)Price = Minimum average total cost

D) Economic profit = 0

0. A unilaterally mandated protectionist policy that limits thequantity of certain imports is a
A)voluntary export restraint
B)tariff
C)quota
D)external economy

The demand curve for a perfectly competitive firm is

A) lower than marginal revenue

B) identical to the average revenue curve

C) upward sloping

D) downward sloping

9. A perfectly competitive firm will produce in the short run aslong as
A)the firm receives a price greater than average total cost
B)the cost of producing is less than the cost of not producing
C)the firm receives a price greater than average fixed cost
D)All options are incorrect

13. Diminishing returns occurs in the
A)short run because capital is variable
B)long run because capital is variable
C)short run because capital is fixed
D)long run because capital is fixed

1. Which of the following is true about profit maximization for aperfectly competitive firm?
A)Firms continue to increase prices to gain higher profits
B)A firm maximizes profit differently in the short run and the longrun
C)Firms can lower prices to gain higher profits
D)Profit is higher at that level of output than any other

5. An exporting country will
A)produce when the domestic price is lower than the world price
B)produce at a lower opportunity cost than an importing country
C)all options are correct
D)give up the least amount of resources to produce this good

15. Shutdown occurs under which of the following conditions?
A)Price = $10, ATC = $12, and AFC = $1
B)Price = $8, ATC = $10, and AFC = $2
C)Price = $10, ATC = $10, and ACF = $1
D)Price = $10, ATC = $12 and AFC = $2

Which statement best describes a gain from trade for an importing country

A) Domestic consumers can consume more goods

B) Domestic producers receive higher proces

C) Domestic producers can produce more goods

D) Domestic consumers pay higher prices