Revenues and Profits
Quiz by Adrian Price
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- Q 1/10Score 0The following Total Revenue curve represents a29Price Maker - A firm that has some ability to set the market pricePrice Taker - A firm that takes the market price
10 questions
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- Q1The following Total Revenue curve represents aPrice Maker - A firm that has some ability to set the market pricePrice Taker - A firm that takes the market price60s
- Q2Using the diagram, calculate AR and MR.AR = 0 MR = 10AR=20 MR=10AR = 10 MR = 10AR = 10 MR = 060s
- Q3For a price maker (a firm which has some power over market price), TR is maximised when....MR=0At the highest priceMR=ARAR=060s
- Q4Lowering the Price(AR) after the point MR=0Will lead to a decrease in Total RevenueWill lead to an increase in Total Revenue60s
- Q5At what quantity should this firm sell in order to maximise its revenues?11 units7 units1 Unit5 units60s
- Q6The AR curve tells us...The marginal revenue at each levelThe Average revenue received for one additional unit.The quantity demanded at each price level.60s
- Q7When the sum of TR - TC = 0, a firm is said to be....Making Normal ProfitsNo profitsA Loss60s
- Q8If a firms TR>TC a firm is said to be making....Normal ProfitsLossAbnormal Profits (Supernormal Profits)60s
- Q9TC>TR this is known asA lossNormal ProfitsAbnormal Profits60s
- Q10Why would this firm continue to operate despite only making normal profits....The explicit costs cover the minimum revenueThe implicit costs cover the opportunity costs which includes forgone oppourtunities60s
