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Costs

If an input necessary for production is in limited supply so that an expansion of the industry raises costs for all existing firms in the market, then the long-run market supply curve for a good could be ?

Costs, Economics Mcqs, Supply And Perfect Competition /
If an input necessary for production is in limited supply so that an expansion of the industry raises costs for all existing firms in the market, then the long-run market supply curve for a good could be ?

A. perfectly inelastic
B. perfectly elastic
C. upward slog
D. downward slog

If an input necessary for production is in limited supply so that an expansion of the industry raises costs for all existing firms in the market, then the long-run market supply curve for a good could be ? Read More »

Costs, Economics Mcqs, Supply And Perfect Competition

In the long-run some firms will exit the market if the price of the good offered for sale is less than ?

Costs, Economics Mcqs, Supply And Perfect Competition /
In the long-run some firms will exit the market if the price of the good offered for sale is less than ?

A. marginal revenue
B. marginal cost
C. average total cost
D. average revenue

In the long-run some firms will exit the market if the price of the good offered for sale is less than ? Read More »

Costs, Economics Mcqs, Supply And Perfect Competition

A grocery store should close at night if the ?

Costs, Economics Mcqs, Supply And Perfect Competition /
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 grocery store should close at night if the ? Read More »

Costs, Economics Mcqs, Supply And Perfect Competition

In the short run, the competitive firm’s supply curve is the portion of the marginal cost curve that lies above the average variable cost curve?

Costs, Economics Mcqs, Supply And Perfect Competition /
In the short run, the competitive firm’s supply curve is the portion of the marginal cost curve that lies above the average variable cost curve?

A. Upward-slog portion of the average total cost curve
B. upward-slog 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

In the short run, the competitive firm’s supply curve is the portion of the marginal cost curve that lies above the average variable cost curve? Read More »

Costs, Economics Mcqs, Supply And Perfect Competition

The competitive firm maximize profit when it produces output up to the point where ?

Costs, Economics Mcqs, Supply And Perfect Competition /
The competitive firm maximize profit when it produces output up to the point where ?

A. price equals average variable cost
B. marginal revenue equals average revenue
C. marginal cost equals total revenue
D. marginal cost equals marginal revenue

The competitive firm maximize profit when it produces output up to the point where ? Read More »

Costs, Economics Mcqs, Supply And Perfect Competition

Which of the following is not a characteristic of a competitive market ?

Costs, Economics Mcqs, Supply And Perfect Competition /
Which of the following is not a characteristic of a competitive market ?

A. All of these answers are characteristic of a competitive market
B. The are many buyers and sellers in the market
C. The goods offered for sale are largely the same.
D. Firms generate small but positive economic profits in the long run
E. Firms can freely enter or exit the market

Which of the following is not a characteristic of a competitive market ? Read More »

Costs, Economics Mcqs, Supply And Perfect Competition