ECO 561

ECO 561 WEEK 2 KNOWLEDGE CHECK QUIZ 1. Purely competitive firms increase total revenue by A. increasing production B. decreasing production C. increasing price D. decreasing price 2. What are two ways for a competitive firm to determine the optimal level of production, that is, the level of production that will maximize profit or minimize losses? A. Comparing total revenue to total cost or marginal revenue to marginal costs B. Comparing

6 Other / Other Other / ECO 561 11 Sep 2014