Category: Costs , Supply And Perfect Competition

A. electricity
B. cable television
C. cola
D. milk
E. All of these answers represent competitive markets

A. decreased production
B. maintained production at the current level
C. temporarily shut down.
D. increased production

A. Horizontal
B. vertical
C. downward sloping
D. elastic

A. There are few sellers
B. There are few buyers
C. There is one seller
D. There are many sellers

A. total revenue divided by the quantity sold
B. equal to the quantity of the good sold
C. average revenue divided by the quantity sold
D. equal to the price of the good sold

A. Efficient scale
B. Average efficient scale
C. Maximum efficient scale
D. Minimum efficient scale

A. perfectly elastic demand curve
B. perfectly inelastic demand curve
C. perfectly elastic supply curve
D. perfectly inelastic supply curve

A. Product
B. Price
C. Place
D. Presence

A. At their lowest points
B. When they are declining
C. When they are increasing
D. When marginal revenue is zero

A. doubles.
B. more than double
C. less than doubles.
D. cannot be determined because the price of the good may rise or fall