Academic Integrity: tutoring, explanations, and feedback — we don’t complete graded work or submit on a student’s behalf.

%3Cp%3E%3Cstrong%3E1.The%20profit%26nbsp%3Bmaximizing%26nbsp%3Brule%26nbsp%3Bis%

ID: 1181381 • Letter: #

Question

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Explanation / Answer

1 b. produce the product at the lowest fixed cost and sell as many as you can at highest acceptable price in the market



2 b. marginal cost, average variable cost, and average fixed cost would all fall.




3 d. Increasing marginal productivity of the variable input



4 D.In the long run, the average total costs of the firm will eventually diminish



5 a. barriers to entry prevent new firm from entering the industry.




6 b. the firm must lower the price of its product when it produces more units of output.




7 d. per last dollar is the same for products consumed



8 a. rent more movies and buy fewer restaurant dinners.




9 c. decreases as more of the commodity is consumed




10 c. lower price shifts the demand curve to the right




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