Category: Costs , Supply And Perfect Competition

A. Short run opportunity costs, profit
B. Short run variable costs, profit
C. Short run average variable costs, profit
D. Short run average variable costs, profit run average fixed costs

A. many buyers and sellers
B. a standard product
C. free entry and exit
D. perfect information
E. all of the above

A. Total revenue is maximized
B. Marginal revenue equals zero
C. Marginal revenue equals marginal cost
D. Marginal revenue equals average cost

A. Short run abnormal profits are completed away by firms leaving the industry
B. Short run abnormal profits are competed away by firms entering the industry
C. Short run abnormal profits are competed away by the government
D. Short run abnormal profits are competed away by greater advertising

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

A. Buyer power is higher
B. Supplier power is higher
C. Substitute threat is higher
D. Rivalry is lower

A. Marginal revenue = Average revenue
B. Marginal revenue = Marginal cost
C. Marginal revenue = Average cost
D. Marginal revenue = Total cost

A. The marginal cost will shift outwards
B. the demand curve will shift inwards
C. The average cost will shift downwards
D. The average variable cost will increase

A. SMC, LMC
B. SMC above SAVC, LMC above LAC
C. SMC below SAVC, LMC above LAC
D. SMC below SAVC, LMC bellow LAC

A. price is greater than short run average total cost
B. price is between short run average total cost and short run average variable cost
C. price is less than short run average variable cost
D. profit is zero