In Porter’s five force model conditions are more favorable for firms within an industry if ? A. Buyer power is high B. Supplier power is high C. Entry threat is lowD. Substitute threat is high
Effective branding will tend to make ? A. Demand more price inelastic B. Supply more price inelastic C. Demand more income elasticD. Supply more income elastic
In monopolistic competition firms profit maximize where ? A. Marginal revenue = Average revenue B. Marginal revenue = Marginal costC. Marginal revenue = Average cost D. Marginal revenue = Total cost
If the long-run market supply curve for a good is perfectly elastic, an increase in the demand for that good will, in the long run, cause ? A. an increase in the number of firms in the market but no…
If all firms in a market have identical cost structures and if inputs used in the production of the good in that market are readily available, then the long-run market supply curve for that good should be ? A. downward…
The long-run market supply curve ? 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…
In the long run, the competitive firm’s supply curve is the ? A. entire marginal cost curve B. upward-slog portion of the average total cost curveC. portion of the marginal cost curve that lies above the average total cost curve…
If a competitive firm is producing a level of output where marginal revenue exceeds marginal cost the firm could increase profit if it ? A. decreased production B. maintained production at the current level C. temporarily shut down.D. increased production
For a competitive firm, marginal revenue is ? A. total revenue divided by the quantity sold B. equal to the quantity of the good sold C. average revenue divided by the quantity soldD. equal to the price of the good…
Which of the following market would most closely satisfy the requirements for a competitive market ? A. electricity B. cable television C. colaD. milk E. All of these answers represent competitive markets