Costs , Supply And Perfect Competition

A. SMC, LMC
B. SMC above SAVC, LMC above LAC
C. SMC below SAVC, LMC above LAC
D. SMC below SAVC, LMC bellow LAC

A. price is greater than short run average total cost
B. price is between short run average total cost and short run average variable cost
C. price is less than short run average variable cost
D. profit is zero

A. Short run opportunity costs, profit
B. Short run variable costs, profit
C. Short run average variable costs, profit
D. Short run average variable costs, profit run average fixed costs

A. greater than average cost, greater than average cost
B. less than average cost, greater than average cost
C. less than average cost, less than average cost
D. greater than average cost, less than average cost

A. increasing returns to scale
B. decreasing returns to scale
C. constant returns to scale
D. the minimum efficient scale

A. There are few sellers
B. There are few buyers
C. There is one seller
D. There are many sellers

A. Buyer power is higher
B. Supplier power is higher
C. Substitute threat is higher
D. Rivalry is lower

A. The marginal cost will shift outwards
B. the demand curve will shift inwards
C. The average cost will shift downwards
D. The average variable cost will increase

A. Product
B. Price
C. Place
D. Presence

A. Demand is perfectly elastic
B. Products are homogeneous
C. Marginal revenue = price
D. The marginal revenue is below the demand curve and diverges