Above the shutdown point, a competitive firm's supply curve coincides with its:
a. marginal revenue curve.
b. marginal cost curve.
c. average variable cost curve.
d. average total cost curve.
b
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If the rate of technological change increases, the result will be that
a. the growth rate of productivity will decrease and firms' profits will increase b. the growth rate of productivity will increase and firms' profits will decrease c. most individuals will likely lose their jobs due to lack of skills d. the growth rate of productivity will increase and living standards will increase e. firms' profits will increase and living standards will decrease
If a firm doubles the amount of labor it uses and triples the amount of capital it uses but its level of output less-than-triples as a result, what can be said about the firm's returns to scale?
A. This firm has increasing returns to scale. B. This firm has decreasing returns to scale. C. This firm has constant returns to scale. D. Nothing can be determined about this firm's returns to scale based on the information given.
Ceteris paribus, if the French decide they want to drink more Chinese-grown tea, this causes the ________ Chinese currency to ________.
A. supply of; decrease B. demand for; increase C. demand for; decrease D. supply of; increase
How will the price and output of a monopolist compare with perfect competition?
A. The output of the monopolist will be too large and the price too high. B. The output of the monopolist will be too large and the price too low. C. The output of the monopolist will be too small and the price too high. D. The output of the monopolist will be too small and the price too low.