Which of the following is a firm's supply curve in a perfectly competitive market?
a. Total cost.
b. Marginal revenue.
c. Marginal cost.
d. Average variable cost.
c
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The horizontal short-run aggregate supply curve
A) assumes that wages and all other input prices are constant. B) assumes that opportunity cost is constant. C) shows that real GDP can be increased only when prices increase. D) assumes that there is full employment in the economy.
When two firms in a perfectly competitive market seek to maximize profit in the long run, they eventually end up:
A) producing at a suboptimal level. B) minimizing total cost of production. C) earning the same level of profits. D) producing the same level of output.
In the figure above, with the tariff American consumers ________ million shirts per year
A) 40 B) 48 C) 32 D) 16
Refer to Figure 10.1. If the monopolist is not regulated, the price will be set at ________
A) P1 B) P2 C) P3 D) P4 E) none of the above