ECON 201 – Total revenue falls as the price of a good is raised

1. Total revenue falls as the price of a good is raised, if the demand for the good isa. elasticb. inelastic.c. unitary elastic.d. perfectly elastic.2.OutputATC-1ATC-2ATC-3ATC-41,500 $10$15 $20$302,000 8 12 17 252,500 9 10 15 203,000 12 8 13 183,500 15 6 11 164,000 18 10 9 144,500 20 12 7 125,000 24 15 11 105,500 29 19 13 86,000 35 25 15 9 Plant sizes get larger as you move from ATC-1 to ATC-4.In the long run, the firm should use plant size ATC-3 for what level of output?a. Less than 3,000b. 3,000 to 3,500c. 4,000 to 4,500d. 5,000 to 5,5003. A decrease in the long-run average total cost as output increases is due toa. declining average fixed costsb. the law of diminishing returns.c. economies of scaled. externalities.4. At any level of outputa. average variable cost will exceed average total cost in the short run.b. marginal cost will exceed average variable cost by the level of average fixed cost.c. average variable cost will exceed average fixed cost by the level of average total cost.d. average total cost will exceed average variable cost by the level of average fixed cost.5. Rising short-run average variable costs of production for a firm indicate thata. average total costs are at a maximum.b. average fixed costs are constant.c. marginal costs are above average variable costs.d. average variable costs are below average fixed costs.6. Economic profits area. always larger than accounting profits.b. the sum of accounting profits and implicit costs.c. equal to the difference between total revenues and implicit costsd. equal to the difference between accounting profits and implicit costs.7. If the long-run average total cost curve for a firm is horizontal in the relevant range of production, then it indicates that therea. is a minimum efficient scale.b. are constant returns to scale.c. are diseconomies of scale.d. are economies of scale.8. The larger the diameter of a natural gas pipeline is, the lower is the average total cost of transmitting 1,000 cubic feet of gas 1,000 miles. This is an example of one reason for a. economies of scale.b. diminishing returns to scale.c. diminishing marginal returns.d. increasing marginal cost. 9. If a firm’s revenues just cover all its opportunity costs, thena. accounting profit is zero.b. economic profit is zero. c. total revenues equal its explicit costs.d. total revenues equal its implicit costs. 10. With fixed costs of $400, a firm has average total costs of $3 and average variable costs of $2.50. Its output quantity must bea. 200 units.b. 400 unitsc. 800 units.d. 1,600 units

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