The return that the entrepreneur can obtain in the best alternative business is call the

Normal profit, economic profit, marginal profit, or marginal revenue?

An example of a perfectly competitive firm is

An oat farmer in the US, the local cable TV company, a US automobile producer, or a big city newspaper?

The firm's goal is to

Maximize its normal profit, maximize its economic profit, maximize its total revenue, or maximize its industry's revenue?

In the short run, a perfectly competitive frim

Will shut down if it incurs any economic loss, will incur an economic loss if it shuts down, does not consider total revenue in its shut down decision, or can earn a small economic profit while being shut down??

for a single-price monopolist,

MR=P, MR<P, MR first increases and then decreases with the quantity sold, or MR first decreases and then increases with the quantity sold??

Hello lex:

In all the perfectly run firms that I ran, I never shut down. That's probably not a good answer for your homework question. But, too bad.

excon

For a monopolist, on the inelastic range of its demand,

Marginal revenue is negative, marginal revenue is positive, marginal revenue is equal to zero, or total revenue is maximized??

For a single-price monopolist, as output increases, total revenue

Initially increases and then decreases, initially decreases and then increases, increases continually, or decreases continually??

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