Profit Maximizing Under Perfect Competition And Monopoly

A. fixed costs exceed revenues.
B. it is suffering a loss.
C. variable costs exceed revenues
D. total costs exceed revenues

A. £35
B. £15
C. £30
D. £60

A. DTVC/Dq
B. q/TVC
C. Dq/DTVC
D. TVC/q

A. expenditure set
B. isocost line.
C. budget constraint
D. isoquant

A. an indifference curves.
B. an isoquant.
C. an isocost line
D. a production functions

A. downward sloping to the right
B. U-shaped
C. Horizontal
D. upward sloping to the right

A. 160; 270
B. 10; 30
C. 10; 3.33
D. 30; 10

A. decreasing average fixed costs.
B. decreasing marginal costs.
C. decreasing average variable costs.
D. increasing marginal costs.

A. total fixed cost only.
B. total variable costs only.
C. both total variable costs and total costs.
D. total costs only

A. Fixed costs are zero if the firms is producing nothing.
B. Fixed costs are the difference between total costs and total variable costs
C. There are no fixed costs in the long run
D. Fixed costs do not depend on the firm’s level of output