A. perfectly inelastic
B. perfectly elastic
C. upward slog
D. downward slog
A. marginal revenue
B. marginal cost
C. average total cost
D. average revenue
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. 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
A. price equals average variable cost
B. marginal revenue equals average revenue
C. marginal cost equals total revenue
D. marginal cost equals marginal 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. 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
A. price = average cost = marginal cost
B. price = average cost = total cost
C. price = marginal cost = total cost
D. Total revenue = Total variable cost
A. The price equals the marginal revenue
B. the price equals the average variable cost
C. the fixed cost equals the variable costs
D. the price equals the total cost
A. Price is greater than marginal cost
B. price equals marginal cost
C. price is less than marginal cost
D. None of the above