Category: Costs , Supply And Perfect Competition

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

A. Short run marginal cost rises, output rises
B. long run marginal cost rises, output rises
C. Short run average cost rises, output rises
D. long run average cost rises, output rises

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