The focus of the short run is primarily on
The production function
The change in total cost divided by the change in quantity produced is the definition for
Each firm in a perfectly competitive industry is
The demand curve for a perfectly competitive firm is
When a firm is operating at an output rate at which total revenue equal total costs, this is called
If a firm is producing an output rate at which marginal cost is greater than price, the firm
Profit per unit is the difference between
For a perfectly competitive firm, the short-run break-even point occurs at the level of output where
At the short-run break-even point, the firm is
The rising portion of a perfectly competitive firm’s marginal cost curve, above the intersection with AVC,
is its
is its
A perfectly competitive industry’s market or “going” price is established by
In an increasing cost industry, an increase in industry output will
A constant-cost industry
A market failure is a situation in which
Which of the firms below would have the longest long run?
The change in total product occurring when a variable input is increased and all other inputs are held constant is
Marginal costs will begin to rise at the point where
Which of the following statements is true about the planning horizon?
Which of the following is not a reason why a firm may experience economies of scale?
Minimum efficient scale
Marginal revenue equals
The rate of output at which marginal revenue equals marginal cost is
In the short-run, the price at which a firm’s total revenues equal its total costs is
Suppose a perfectly competitive industry is in long-run equilibrium. If a decrease in demand leads to a lower long-run price, we know that
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