Equilibrium Price Is $25 in a Perfectly Competitive Market

question 137

Multiple Choice

Equilibrium price is $25 in a perfectly competitive market. For a perfectly competitive firm, MR = MC at 2,000 units of output. At 2,000 units, ATC is $33, and AVC is $27. The best policy for this firm is to __________ in the short run. Also, total fixed cost equals __________ and total variable cost equals __________ for this firm.

• A)continue to produce; $12,000; $54,000
• B)shut down; $12,000; $54,000
• C)shut down; $66,000; $54,000
• D)continue to produce; $150; $1,500
• E)There is not enough information to answer all parts of the question.

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Definitions:

Lowenstein-Jensen (L-J) Slant

A growth medium used in microbiology to culture and isolate Mycobacteria, especially Mycobacterium tuberculosis.

Acid-Fast Stain

A laboratory staining technique used to detect bacteria that are not decolorized by acid-alcohol, like Mycobacterium tuberculosis.

Primary Dye

A dye used initially in a staining procedure that provides the main coloration for microscopic tissue examination.

Chain-Of-Custody

The documented process or paper trail that records the sequence of custody, control, transfer, analysis, and disposition of materials or samples.