Category: Costs , Supply And Perfect Competition

A. output is maximized
B. inputs are minimized
C. there is no way to make a given output using less of one input and no more of the other inputs
D. Costs are minimized

A. Buyer power is high
B. Supplier power is high
C. Entry threat is low
D. Substitute threat is high

A. price equals average variable cost
B. marginal revenue equals average revenue
C. marginal cost equals total revenue
D. marginal cost equals marginal revenue

A. increasing returns to scale
B. decreasing returns to scale
C. constant returns to scale
D. the minimum efficient scale

A. perfectly inelastic
B. perfectly elastic
C. upward sloping
D. downward sloping

A. The products firm offer is very similar
B. Products are heavily differentiated
C. A few firms dominate the market
D. Consumer have limited information

A. is always more elastic than the short-run market supply curve.
B. is always perfectly elastic
C. has the same elasticity as the short run market supply curve
D. is always less elastic than the short-run market supply curve

A. decreasing returns to scale
B. The law of diminishing returns
C. constant returns to scale
D. an inefficient production technique

A. Unique Selling Proposition
B. Underlying Sales Proposition
C. Unit Sales Point
D. Under Sales Procedure

A. A few firms dominate the industry
B. Firms are price makers
C. There are many buyers but few sellers
D. There are many buyers and sellers