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.Management Sciences
Category: Costs , Supply And Perfect Competition
For a competitive firm, marginal revenue is ?
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
If a firm is not operating at the output necessary to achieve all scale economies, it has not achieved its ?
A. Efficient scale
B. Average efficient scale
C. Maximum efficient scale
D. Minimum efficient scale
Firms in perfect competition face a?
A. perfectly elastic demand curve
B. perfectly inelastic demand curve
C. perfectly elastic supply curve
D. perfectly inelastic supply curve
Which of the following is not one of the four Ps in marketing ?
A. Product
B. Price
C. Place
D. Presence
The short run marginal cost curve cuts the short run total cost curve and short run average variable cost curve ?
A. At their lowest points
B. When they are declining
C. When they are increasing
D. When marginal revenue is zero
If a competitive firm doubles its output its total revenue ?
A. doubles.
B. more than double
C. less than doubles.
D. cannot be determined because the price of the good may rise or fall
A grocery store should close at night if the ?
A. variable costs of staying open are less than the total revenue due to staying open.
B. total costs of staying open are less than the total revenue due to staying open
C. variable costs of staying open are greater than the total revenue due to staying open
D. total costs of staying open are greater than the total revenue due to staying open
A competitive firm produces a level of output at which ?
A. Price is greater than marginal cost
B. price equals marginal cost
C. price is less than marginal cost
D. None of the above
In monopolistic competition ?
A. Firms face a perfectly elastic demand curve
B. All products are homogeneous
C. Firms make normal profits in the long run
D. There are barriers to entry to prevent entry
If all firms in a market have identical cost structures and if inputs used in the production of the good in that market are readily available, then the long-run market supply curve for that good should be ?
A. downward sloping
B. perfectly inelastic
C. upward sloping
D. perfectly elastic
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