A. variable costs of staying open are less than the total revenue due to staying open.
B. total costs of staying open are less than the total revenue due to staying open
C. variable costs of staying open are greater than the total revenue due to staying open
D. total costs of staying open are greater than the total revenue due to staying open
Author: Adden wafa
A. Upward-sloping portion of the average total cost curve
B. upward-sloping portion of the average variable cost curve
C. portion of the marginal cost curve that lies above the average total cost curve.
D. entire marginal cost curve.
E. portion of the marginal-cost curve that lies above the average variable cost curve
A. price equals average variable cost
B. marginal revenue equals average revenue
C. marginal cost equals total revenue
D. marginal cost equals marginal revenue
A. doubles.
B. more than double
C. less than doubles.
D. cannot be determined because the price of the good may rise or fall
A. All of these answers are characteristic of a competitive market
B. The are many buyers and sellers in the market
C. The goods offered for sale are largely the same.
D. Firms generate small but positive economic profits in the long run
E. Firms can freely enter or exit the market
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. A few firms dominate the industry
B. Firms are price makers
C. There are many buyers but few sellers
D. There are many buyers and sellers
A. Short run abnormal profits are completed away by firms leaving the industry
B. Short run abnormal profits are competed away by firms entering the industry
C. Short run abnormal profits are competed away by the government
D. Short run abnormal profits are competed away by greater advertising
A. The products firm offer is very similar
B. Products are heavily differentiated
C. A few firms dominate the market
D. Consumer have limited information
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
