A competitive firm demand curve is ?
A. Horizontal
B. vertical
C. downward slog
D. elastic
Costs
For perfect competition to work there must be ?
For perfect competition to work there must be ?
A. many buyers and sellers
B. a standard product
C. free entry and exit
D. perfect information
E. all of the above
In a competitive industry each buyer and seller ?
In a competitive industry each buyer and seller ?
A. is a price taker
B. Producer different products
C. Believes that can influence price
D. Prevents the entry of competitors
Holding all factors constant except one and increasing a variable factor is expected to lead to steadily decreased marginal product of that factor, this is an example of ?
Holding all factors constant except one and increasing a variable factor is expected to lead to steadily decreased marginal product of that factor, this is an example of ?
A. decreasing returns to scale
B. The law of diminishing returns
C. constant returns to scale
D. an inefficient production technique
The short run marginal cost curve cuts the short run total cost curve and short run average variable cost curve ?
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
The firms long run output decision will be where ?
The firms long run output decision will be where ?
A. long run average cost is lowest
B. marginal revenue equals output
C. marginal revenue equals long run marginal cost
D. marginal cost equals output
If a firm is not operating at the output necessary to achieve all scale economies, it has not achieved its ?
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
Decrease returns to scale means that _____ as ______?
Decrease returns to scale means that _____ as ______?
A. Short run marginal cost rises, output rises
B. long run marginal cost rises, output rises
C. Short run average cost rises, output rises
D. long run average cost rises, output rises
A production is technique is technically efficient if ?
A production is technique is technically efficient if ?
A. output is maximized
B. inputs are minimized
C. there is no way to make a given output using less of one input and no more of the other inputs
D. Costs are minimized
In marketing “USP” stands for ?
In marketing “USP” stands for ?
A. Unique Selling Proposition
B. Underlying Sales Proposition
C. Unit Sales Point
D. Under Sales Procedure