ECO 561 Course Great Wisdom / tutorialrank.com ECO 561 Course Great Wisdom / tutorialrank.com | Page 29

Your assignment is consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.
================================================

ECO 561 Week 2 Knowledge Check (Quiz)
For more course tutorials visit

www.tutorialrank.com

1.

Purely competitve firms increase total revenue by

2.
What are two ways for a competitve firm to determine the
optimal level of production, that is, the level of production that will
maximize profit or minimize losses?
3.
Suppose that a firm determines that its marginal revenue is
greater than its marginal cost, it would be better to
4.
It is profitable for a firm to continue employing additional
resources as long as
5.
As additional units are produced, the marginal revenue product
falls for all firms because marginal product decreases. For firms
operating in industries that are not perfectly competitve, marginal
revenue product also falls because
6.

All things being equal, an increase in demand for a product,

7.
Marginal cost can be defind as the additon to---------------------of
one more unit of output.