ECO 561 : Week TWO Knowledge Check - 73266

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1 . Purely competitive firms increase total revenue by                  

2 . Suppose that a firm determines that its marginal revenue is greater than its marginal cost, it would be better to                                 ?

3.  It is profitable for a firm to continue employing additional resources as long as     

4.  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 competitive, marginal revenue product also falls because          

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

6 . Marginal cost can be defined as the addition to _____ of one more unit of output.

Solution Description

1 . Purely competitive firms increase total revenue by                  

2 . Suppose that a firm determines that its marginal reven

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WK 2 KNOWLEGE CHECK.doc
WK 2 KNOWLEGE C...