Tackle the Test: Multiple-Choice Questions

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  1. Question

    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
    A perfectly competitive firm will maximize profit at the quantity at which the firm’s marginal revenue equals
  2. Question

    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
    Which of the following is correct for a perfectly competitive firm?
  3. Question

    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
    A firm is profitable if
  4. Question

    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
    If a firm has a total cost of $200, its profi
  5. Question

    nXcEDFszZjGICOdOsVFMsBPceYoMMwHZz+K2EHeXTtylP4lmWIglKBsFit8/ztf7XtEWCwXiJv/FnZkukcr7mPOK9feEYY9iKFtEX2OIlBAhNXKzPd+mv16Qu/bR4GhHr8APjhraIxd+kXPO/WBMDhJ6stBpR0HoAuEro2v1/tR1ZaScQRb+LwJVCyj9eJizb5bh69pHGB+b/nTse6qE2nFtw/o270gufGVqQ+vZEai+04I13wk7nmsl8oKpncqLUgabaVgNoI28SMLzIltrIeQu/geLNDt8U6eOt/+j+nlyGafamdEiPsqyBMO3unW4vtdX0Bb7Bp8mLR109RpxPUDtE95H4kcVdI/pB4pAX9O2E/QK1MkIefUreylpjmOAJBIHgyjBM96IyFyX88sljIFB5Nf4JrHWVnd/4kSczT/z4LHXfrOodwXsI4Y44pbPU5sIYQtz+uCJX7p0xOzw92iuS1hI4QVJ2g+jIL6XtYxeNf5UmA8aOCqBQuYkyVK6fB7u+cxoNj/FtSfoM9dbc1YvA4llV+Ej7Sr+RZ5nRrqF669Orm3kRjiZbrgAy9AsG6ybqsW3TZTQyU3q19Drihp6H9LEvyXRcQ0yqUO3CryjWTPWGKOqQkswOUGpGEZ78ey4TGSHtLdZxFhj7Xo23BbQ0nnAex9yfoeaF1D5yGQvyJiwN2rxcv4cPoSbCn7qev1K2isr/RKtOE/qB0BqmT+r5YFavFcCJ0jD+QOMaDDcKvzHWCMEjH3ioXMDvsSS/sQp5k47cugY/WEaliRWdQfNgaEUIkzGeP+J7vOqLYKjue29ju42iIy8CRK6w8l0VuGfpngttm6lkIAFr5UvfAGE/JUjh9zunsB9S0hIiT5YwoUlVgTA4BZLy9C1TXoDO1UzmOop/Dn55EGJQpB60MimDl1FIdD+I8at5PFvdWPWGp1zvCPCT75eX3BgBTZ/ITjinWUrAUezF4B7puPNz8zoWJ5v5QQ7axCRxTcV/FNdiVjxJNSBw0FqT5Q=
    What is the firm’s profit if the price of its product is $5 and it produces 500 units of output at a total cost of $1,000?