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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define marginal revenue.
💡 Hint: Think about how much additional income comes from selling more.
Question 2
Easy
What is the condition for profit maximization?
💡 Hint: What must be equal for maximum profit?
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What condition must hold for profit maximization in a perfectly competitive market?
- P = MC
- P > MC
- P < MC
💡 Hint: Think about what happens at different production levels.
Question 2
True or False: A firm will increase production as long as MR is higher than MC.
- True
- False
💡 Hint: Consider the benefit versus the cost of producing more.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A firm has a total revenue of $800 when it sells 100 units. Calculate the marginal revenue when the firm decides to sell an additional 10 units, bringing total revenue to $860.
💡 Hint: Calculate the change in revenue over the change in quantity.
Question 2
A company finds that for the last unit sold, marginal revenue is $12 and marginal cost is $15. What should the firm do next?
💡 Hint: Evaluate costs versus revenue and determine profit implications.
Challenge and get performance evaluation