A. maximized its total revenue
B. set price equal to its average cost
C. equated marginal revenue and marginal cost
D. maximized the difference between marginal revenue and marginal cost.
B. TFC – q
A. an indifference curves.
B. an isoquant.
C. an isocost line
D. a production functions
A. normal profit is zero
B. total costs exceed total revenue
C. total costs exceed normal profit
D. the firm is earning are economic profit
A. slope up to the right
B. are U-shaped
C. slope down to the right
D. slope down to the right and then level off.
A. always equal to one.
B. half as steep as the demand curve
C. the same as the slope of the demand curve
D. twice as steep as the demand curve
A. price leadership
B. price concentration
D. game theory,
A. marginal rate of factor substitution
B. marginal rate of substitution
C. law of diminishing marginal returns.
D. marginal rate of production
A. a fixed cost monopoly
B. a natural monopoly
C. a government franchise monopoly
D. a economies of scale monopoly
A. The market for copper, where there are very few producers and the product is standardized.
B. The fast-food market where there are a large number of producers but the demand for fast food is inelastic
C. The coffee market where the product is standardized and there are a large number of coffee growers.
D. The automobile industry, where there are few producers but there is great product differentiation.