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
A. Horizontal
B. vertical
C. downward slog
D. elastic
A. many buyers and sellers
B. a standard product
C. free entry and exit
D. perfect information
E. all of the above
A. is a price taker
B. Producer different products
C. Believes that can influence price
D. Prevents the entry of competitors
A. decreasing returns to scale
B. The law of diminishing returns
C. constant returns to scale
D. an inefficient production technique
A. At their lowest points
B. When they are declining
C. When they are increasing
D. When marginal revenue is zero
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
A. Efficient scale
B. Average efficient scale
C. Maximum efficient scale
D. Minimum efficient scale