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Published on: 29/08/2019
Producer Equilibrium
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Questions + Answers key
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1.
Comment on the following statement: "Firms should maximize the difference between marginal revenue and marginal cost."
2.
Suppose a firm is producing a level of output such that MR > MC. What should the firm do to maximise the profit?
3.
If MC is more than MR at a particular level of output, how will a producer react to maximise the profit?
4.
What is the general profit maximising condition for a producer (MRand MC approach)?
5.
Give meaning of producer's equilibrium
6.
Explain the producer's equilibrium.
7.
What are the two methods for determination of producer's equilibrium?
8.
What is meant by profit?
9.
What is the relation between price and marginal cost at equilibrium, when price remains constant with the rise in output.
Price = Marginal Cost
Price> Marginal Cost
Price < Marginal cost
None of these
10.
What is the relation between price and marginal cost at equilibrium, when price falls with the rise in output.
Price = Marginal Cost
Price> Marginal Cost
Price < Marginal cost
None of these
11.
When MC is equal to MR, while maximizing profit, then
MC must be rising
MC must be falling
MC must be constant
None of these
12.
If MC is more than MR at a particular level of output, how will the producer react to maximize the profits________________
Decrease Production
Increase Production
Increase Revenue
None of these
13.
A firm gets maximum profits only if difference between average revenue and average cost is the maximum
14.
A firm is in equilibrium if marginal cost curve cuts average revenue curve from below
15.
If marginal revenue is equal to the total cost, producer is in equilibrium
16.
A producer is in equilibrium when total cost and total revenue are equal.
1.
( )
The statement is false. Firms should maximize profit which is the difference between total revenue and total cost. At the profit-maximizing level of output, marginal revenue is equal to marginal cost.
Value: Analytic
2.
( )
MR = MC is the condition for maximum profit. In the given question MR> MC, thus the firm has the capacity to increase production so as to earn maximum profit. So the firm increases its production.
Value: Analytic
3.
( )
The Producer will reduce the production to maximise the profit.
Value: Analytic
4.
( )
(i) MC = MR; and
(ii) MC curve cuts the MR curve from below (i.e., MC is rising).
5.
( )
A producer is said to be in equilibrium when he produces that level of output at which his profits are maximum . Producer's equilibrium is also known as profit maximisation situation.
6.
( )
A producer is said to be in equilibrium when he produces that level of output at which his profits are maximum. Producer's equilibrium is also known as profit maximisation situation.
7.
( )
(i) TR - TC Approach
(ii) MR - MC Approach
8.
( )
Profit refers to the excess of revenue over cost.
9.
(a)
Price = Marginal Cost
10.
(b)
Price> Marginal Cost
11.
(a)
MC must be rising
12.
(a)
Decrease Production
13.
(b)
14.
(b)
15.
(b)
16.
(b)
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