For a firm in a perfectly competitive market, its short-run supply curve is that portion of the MC curve above where it intersects with the average total cost curve.
Answer the following statement true (T) or false (F)
False
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You are more sensitive to a change in price if you
A) spend a lot of your income on the good. B) spend a small percentage of your income on the good. C) buy very little of the good. D) do not buy the good regularly. E) have a very inelastic demand for the good.
A perfectly competitive firm has a horizontal demand curve because it can sell as much as it wants at the market price.
Answer the following statement true (T) or false (F)
Celebrity endorsements are often used by monopolistically competitive firms to boost the reputation of the product that is being endorsed
a. True b. False Indicate whether the statement is true or false
A bus is mostly filled with passengers and ready to travel from Los Angeles to San Francisco. At the last minute, a person comes running up to the bus and takes a seat. The change in the bus company's total cost as a result of transporting one more passenger on this trip is called
a. marginal cost b. average total cost c. variable cost d. fixed cost e. opportunity cost