The shape of a firm's long-run ________ depends on how costs vary with scale of operations.
A. average cost curve
B. variable cost curve
C. marginal revenue curve
D. fixed cost curve
Answer: A
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When there is a surplus
A. quantity demanded is greater than quantity supplied. B. quantity supplied is greater than quantity demanded. C. quantity demanded is equal to quantity supplied.
Whether exchanges are strictly domestic or across international borders, every party to any transaction
A. must pay the highest retail value. B. expects to gain. C. tries to break even. D. produces the highest rate of output.
Restricting imports into a small country by the government
A. increases the general welfare of the importing nation. B. protects domestic producers from foreign competition. C. increases consumer welfare in the country. D. all of the above.
Under perfect competition, the individual firm's quantity is 
Figure 42.2
A. Q1. B. Q2. C. Qa. D. Qb.