Costs , Supply And Perfect Competition

A. the minimum of their average-total-cost curves
B. all of these answers are correct
C. their efficient scale
D. zero economic profit
E. intersection of marginal cost and marginal revenue

A. perfectly inelastic
B. perfectly elastic
C. upward sloping
D. downward sloping

A. marginal revenue
B. marginal cost
C. average total cost
D. average revenue

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

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