Tackle the Test: Multiple-Choice Questions

For Questions 1–3, refer to the graph provided, and assume that the firm produces the profit-maximizing quantity.

image
  1. Question

    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
    The firm’s total revenue is equal to
  2. Question

    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
    The firm’s total cost is equal to
  3. Question

    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
    The firm is earning a
  4. Question

    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
    A firm should continue to produce in the short run as long as price is at least equal to
  5. Question

    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
    At prices that motivate the firm to produce at all, the shor