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Micro multiple choice

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Question 1

Refer to the graph depicting a perfectly competitive market firm in a constant cost industry. IF market demand increase from DO to D1, in the long run:

Question 2

Often, gas stations only a few miles apart differ in price by as much as 10 cents per gallon. The most likely explanation for
this kind of price discrimination is that:

a) Gasoline purchased at one station is a perfect substitute for gasoline purchased at a station a few miles away.
b) The cost of providing gasoline is the same in each community.
c) The elasticity of demand is the same in each community
d) Consumers in some communities have a more elastic demand for gasoline than consumers in nearby communities.

Question 3

Refer to the graph. If the firm increases output from 40 to 50, total revenue will increase by:

a) more than total cost, so profit will increase
b) more than total cost, so profit will decrease
c) less than total cost, so profit will increase
d) less than total cost, so profit will decrease

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