In the long run, a firm's producer surplus is equal to the: 选项： A:

1. The difference between a firm's total revenue and its total opportunity cost is the firm's 选项： A、 normal profit. B、 economic profit. C、 marginal profit. D、 marginal revenue.

2.The difference between accounting profit and economic profit is ( ) 选项： A、explicit costs. B、 total revenue C、 implicit costs. D、 marginal product.

3.A profit-maximizing firm will only produce a positive amount of output if:选项： A:its total revenue is greater than its total cost.; B:its total revenue equals its total cost.; C:its total revenue is greater than its fixed cost.; D:its total revenue is greater than or equal to its variable cost.

4. The total cost to the firm of producing zero units of output is ( ) 选项： A、zero in both the short run and the long run. B、 its fixed cost in the short run, zero in the long run. C、 its fixed cost in both the short run and the long run. D、 its variable cost in both the short run and the long run.

5.A company will shut down production in the short run if total revenue is less than total: 选项： A: fixed costs. B: variable costs. C: opportunity costs.

6.If a competitive firm's marginal costs always increase with output, then at the profit maximizing output level, producer surplus is: 选项： A:zero because marginal costs equal marginal revenue. B:zero because price equals marginal costs. C:positive because price exceeds average variable costs. D:positive because price exceeds average total costs. E:positive because revenues are increasing faster than variable costs.

7.In the short run, the profit-maximizing firm will ________. 选项： A、break even if marginal revenue equals marginal cost B、make an economic profit if marginal cost is less than average total cost C、C. incur an economic loss if average fixed cost exceeds marginal revenue D、incur an economic loss if average total cost exceeds marginal revenue

8.(p. 408) According to the economic theory, profit is maximized when the firm operates at that point at which: 选项： A:Average revenue equals average cost B:Total revenue equals total cost C:Marginal revenue equals marginal cost D:Average total cost equals marginal cost E:Average fixed cost equals average variable cost

9.Under perfect competition, if the price of a firm's product is below its average total cost, in the short run the firm should: 选项： A: shut down, but operate in the long run if it is covering its variable costs. B: operate if it is covering its variable costs. C: increase the product price to at least cover its average total cost.

10.In the short run, the firm makes zero economic profit when the price is ( ) minimum average total cost, makes an economic profit when the price is ( ) minimum average total cost, and incurs an economic loss when the price is ( ) minimum average total cost. 选项： A、equal to; higher than; lower than B、equal to; lower than; higher than C、higher than; equal to; lower than D、lower than; equal to; higher than E、: A F、程度:中 G、解析:Economic Profits and Economic Losses in the Short Run H、:单选题 I、level heading: Output, Price, and Profit in the Short Run J、、 A perfectly competitive firm is making an economic profit when K、its total revenue is greater than its total cost. L、the price is greater than the minimum of its average total cost.

11.Which of the following is true about a monopolistically competitive firm? 选项： A、It can earn an economic profit in the short run, but not the long run. B、 It can earn an economic profit in the short run and the long run. C、 It can earn an economic profit in the long run, but not the short run. D、 It cannot earn a economic profit in either the short or long run.

12.refers to the additional revenue gained from selling one more unit. 选项： A: Marginal revenue B: Total revenue C: Economic profit D: Accounting profit

13.If a monopolistically competitive firm is producing the profit-maximizing level of output and is earning an economic profit in the short run: 选项： A:price is less than average total costs. B:price is less than marginal cost. C:marginal revenue is less than marginal cost. D:marginal revenue equals marginal cost.

14. In long-run equilibrium, a firm in a perfectly competitive industry will produce at the point where: 选项： A、 marginal cost equals average total cost. B、 total revenue is maximized. C、 marginal cost equals average variable cost. D、 price equals average fixed cost.

15.A profit-maximizing firm will shut down if, at the firm's profit maximizing level of output, its total revenue is ________选项： A:less than its average variable cost.; B:less than its average total cost.; C:less than its variable cost.; D:less than its total cost.

16.Total economic surplus is选项： A:the area between the demand curve and market price.; B:the difference between consumer surplus and producer surplus.; C:the difference between tax revenues and government expenditures.; D:the sum of consumer and producer surpluses.

17.If a competitive firm is currently producing a level of output at which marginal revenue exceeds marginal cost, then 选项：A one-unit increase in output will increase the firm's profit.|A one-unit decrease in output will increase the firm's profit.|Total revenue exceeds total cost.|Total cost exceeds total revenue.

18.erage variable cost is: 选项： A、variable cost per unit multiplied by quantity. B、total variable cost divided by quantity. C、the difference between average total cost and total cost. D、the difference between total cost and total fixed cost.

19.The figure above shows a monopoly’s total revenue and total cost curves. The monopoly’s economic profit is positive if it produces between 选项：A、0 and 5 units. B、0 and 15 units. C、0 and 20 units. D、5 and 20 units.

20.In the long run, a profit-maximizing firm in a monopolistically competitive market operates at 选项： A、efficient scale. B、a level of output at which average total cost is rising. C、a level of output at which average total cost is falling. D、the level of output at which total revenue is maximized.

21.The short-term breakeven point of production for a firm operating under perfect competition will most likely occur when: 选项： A: price is equal to average total cost. B: marginal revenue is equal to marginal cost. C: marginal revenue is equal to average variable costs.

22.The total cost to the firm of producing zero units of output is_________. 选项： A、its fixed cost in both the short run and the long run B、its fixed cost in the short run and zero in the long run C、zero in both the short run and the long run D、its variable cost in both the short run and the long run

23.Total cost is equal to the 选项： A:sum of the total fixed cost and the total variable cost. B:sum of the average fixed cost and the average variable cost. C:difference between the average variable cost and the average fixed cost. D:product of the marginal cost multiplied by the average total cost.

24.Economies of scale occur when_________选项： A:long-run average total costs fall as output increases.; B:long-run average total costs rise as output increases.; C:long-run marginal costs are less than long-run average costs.; D:average fixed costs are constant.

25. How is a monopolistically competitive firm similar to a perfectly competitive firm? A: both will observe entry into the industry if economic profit is positive B: both produce where average total cost equals marginal cost C: both make a positive economic profit in the long run D: both produce a homogeneous good

26. How is a monopolistically competitive firm similar to a perfectly competitive firm? 选项： A、 both will observe entry into the industry if economic profit is positive B、 both produce where average total cost equals marginal cost C、 both make a positive economic profit in the long run D、 both produce a homogeneous good