A. Buyer power is high
B. Supplier power is high
C. Entry threat is low
D. Substitute threat is high
A. Demand more price inelastic
B. Supply more price inelastic
C. Demand more income elastic
D. Supply more income elastic
A. Marginal revenue = Average revenue
B. Marginal revenue = Marginal cost
C. Marginal revenue = Average cost
D. Marginal revenue = Total cost
A. an increase in the number of firms in the market but no increase in the price of the good
B. an increase the price of the good and an increase in the number of firms in the market
C. an increase the price of the good but no increase in the number of firms in the market
D. no impact on either the price of the good or the number of firms in the market
A. downward slog
B. perfectly inelastic
C. upward slog
D. perfectly elastic
A. is always more elastic than the short-run market supply curve.
B. is always perfectly elastic
C. has the same elasticity as the short run market supply curve
D. is always less elastic than the short-run market supply curve
A. entire marginal cost curve
B. upward-slog portion of the average total cost curve
C. portion of the marginal cost curve that lies above the average total cost curve
D. upward-slog portion of the average variable cost curve
E. portion of the marginal cost curve that lies above the average variable cost curve.
A. decreased production
B. maintained production at the current level
C. temporarily shut down.
D. increased production
A. total revenue divided by the quantity sold
B. equal to the quantity of the good sold
C. average revenue divided by the quantity sold
D. equal to the price of the good sold
A. electricity
B. cable television
C. cola
D. milk
E. All of these answers represent competitive markets