A competitive firm demand curve is ? A. Horizontal B. vertical C. downward slog D. elastic

For perfect competition to work there must be ? A. many buyers and sellers B. a standard product C. free entry and exit D. perfect informationE. all of the above

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 ? A. decreasing returns to scaleB. The law of diminishing returns C.…

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…

The firms long run output decision will be where ? A. long run average cost is lowest B. marginal revenue equals outputC. 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 ? A. Efficient scale B. Average efficient scale C. Maximum efficient scaleD. Minimum efficient scale

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 risesD. long run average cost rises, output rises

A production is technique is technically efficient if ? A. output is maximized B. inputs are minimizedC. there is no way to make a given output using less of one input and no more of the other inputs D. Costs…

In marketing “USP” stands for ? A. Unique Selling Proposition B. Underlying Sales Proposition C. Unit Sales Point D. Under Sales Procedure