A. Efficient scale
B. Average efficient scale
C. Maximum efficient scale
D. Minimum efficient scale
Costs , Supply And Perfect Competition
Costs , Supply And Perfect Competition
A. Short run marginal cost rises, output rises
B. long run marginal cost rises, output rises
C. Short run average cost rises, output rises
D. long run average cost rises, output rises
A. output is maximized
B. inputs are minimized
C. there is no way to make a given output using less of one input and no more of the other inputs
D. Costs are minimized
A. Unique Selling Proposition
B. Underlying Sales Proposition
C. Unit Sales Point
D. Under Sales Procedure
A. Buyer power is high
B. Supplier power is high
C. Entry threat is low
D. Substitute threat is high
A. Demand more price inelastic
B. Supply more price inelastic
C. Demand more income elastic
D. Supply more income elastic
A. Marginal revenue = Average revenue
B. Marginal revenue = Marginal cost
C. Marginal revenue = Average cost
D. Marginal revenue = Total cost
A. Firms face a perfectly elastic demand curve
B. All products are homogeneous
C. Firms make normal profits in the long run
D. There are barriers to entry to prevent entry
A. an increase in the number of firms in the market but no increase in the price of the good
B. an increase the price of the good and an increase in the number of firms in the market
C. an increase the price of the good but no increase in the number of firms in the market
D. no impact on either the price of the good or the number of firms in the market
A. downward sloping
B. perfectly inelastic
C. upward sloping
D. perfectly elastic
