For a competitive firm, its short run supply curve is ______ and its long run supply curve is _____? A. SMC, LMCB. SMC above SAVC, LMC above LAC C. SMC below SAVC, LMC above LAC D. SMC below SAVC, LMC…

In the short run a firm will produce zero output if ? A. price is greater than short run average total cost B. price is between short run average total cost and short run average variable costC. price is less…

Short run average total costs are equals to the sum of ____ and _____? A. Short run opportunity costs, profit B. Short run variable costs, profit C. Short run average variable costs, profitD. Short run average variable costs, profit run…

When average cost is falling marginal cost is ________ and when average cost is rising marginal cost is? A. greater than average cost, greater than average costB. less than average cost, greater than average cost C. less than average cost,…

If a long run average cost curve is falling form left to right this is an example of ? A. increasing returns to scale B. decreasing returns to scale C. constant returns to scale D. the minimum efficient scale

If a firm takes over a competitor then, according to porter’s 5 forces model ? A. Buyer power is higherB. Supplier power is higher C. Substitute threat is higher D. Rivalry is lower

In monopolistic competition of firms are making abnormal profit other firms will enter and ? 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…

Which of the following is not one of the four Ps in marketing ? A. Product B. Price C. Place D. Presence

in long-run equilibrium in a competitive market, firms are operating at ? A. the minimum of their average-total-cost curvesB. all of these answers are correct C. their efficient scale D. zero economic profit E. intersection of marginal cost and marginal…