Costs , Supply And Perfect Competition

A. is always more elastic than the short-run market supply curve.
B. is always perfectly elastic
C. has the same elasticity as the short run market supply curve
D. is always less elastic than the short-run market supply curve

A. entire marginal cost curve
B. upward-sloping portion of the average total cost curve
C. portion of the marginal cost curve that lies above the average total cost curve
D. upward-sloping portion of the average variable cost curve
E. portion of the marginal cost curve that lies above the average variable cost curve.

A. decreased production
B. maintained production at the current level
C. temporarily shut down.
D. increased production

A. total revenue divided by the quantity sold
B. equal to the quantity of the good sold
C. average revenue divided by the quantity sold
D. equal to the price of the good sold

A. electricity
B. cable television
C. cola
D. milk
E. All of these answers represent competitive markets

A. Price equals marginal revenue
B. price is greater than marginal revenue
C. price equals total revenue
D. price equals total cost

A. The price covers average variable cost
B. The price covers variable cost
C. The price covers average fixed cost
D. The price covers fixed costs

A. The price equals the total revenue
B. Firms are allocatively inefficient
C. Firms are productively efficient
D. The price equals total cost

A. Total revenue is maximized
B. Marginal revenue equals zero
C. Marginal revenue equals marginal cost
D. Marginal revenue equals average cost

A. perfectly elastic demand curve
B. perfectly inelastic demand curve
C. perfectly elastic supply curve
D. perfectly inelastic supply curve