Category: Costs , Supply And Perfect Competition

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

A. greater than average cost, greater than average cost
B. less than average cost, greater than average cost
C. less than average cost, less than average cost
D. greater than average cost, less than average cost

A. Demand more price inelastic
B. Supply more price inelastic
C. Demand more income elastic
D. Supply more income elastic

A. All of these answers are characteristic of a competitive market
B. The are many buyers and sellers in the market
C. The goods offered for sale are largely the same.
D. Firms generate small but positive economic profits in the long run
E. Firms can freely enter or exit the market

A. the minimum of their average-total-cost curves
B. all of these answers are correct
C. their efficient scale
D. zero economic profit
E. intersection of marginal cost and marginal revenue

A. entire marginal cost curve
B. upward-sloping portion of the average total cost curve
C. portion of the marginal cost curve that lies above the average total cost curve
D. upward-sloping portion of the average variable cost curve
E. portion of the marginal cost curve that lies above the average variable cost curve.

A. long run average cost is lowest
B. marginal revenue equals output
C. marginal revenue equals long run marginal cost
D. marginal cost equals output