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In an indirect price discrimination mechanism, a firm _____.

Suppose the equilibrium price for renting an apartment is $800 per month. Concerned about the cost to tenants, the government imposes a price ceiling of $400 per month. This policy will _____.

Suppose the supply curve for backpacks is Q = 2P – 36. What is the highest price at which no producer is willing to sell backpacks (i.e., the supply choke price)?

A firm’s demand curve is given by Q = 50 – P. What is the firm’s corresponding marginal revenue curve?

A firm is producing 8 units of output at an average total cost of $40. When the firm produces 9 units of output, average total cost rises to $54. What is the marginal cost of the 9th unit of output?

Fixed costs exist only in the ____ run, since firms ____ change the amount of capital employed.

Refer to the following figure (D=MR).  Which of the following statements is (are) TRUE? (Select all that apply)

Which of the following is (are) assumptions of the production model from Chapter 6? (Select all that apply)

Suppose a firm’s total cost is given by TC = 400 + 20Q + 4Q2 and its marginal cost is given by MC = 20 + 8Q. What is the output level that minimizes the average total cost?

To maximize profits (independent of the type of a market the firm is in), a firm should produce where