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Chapter 8: Perfect Competition

Q.5

Page 211

Explain in words why a profit-maximizing firm will not choose to produce at a quantity where marginal cost exceeds marginal revenue.

Q.6

Page 211

A firm鈥檚 marginal cost curve above the average variable cost curve is equal to the firm鈥檚 individual supply curve. This means that every time a firm receives a price from the market it will be willing to supply the amount of output where the price equals marginal cost. What happens to the firm鈥檚 individual supply curve if marginal costs increase?

Q.7

Page 211

If new technology in a perfectly competitive market brings about a substantial reduction in costs of production, how will this affect the market?

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